Background:
- Trump’s second term could mean the downfall of the FDIC, CFPB: Here’s what that means for consumers | CNBC
- Senator warns of national security risks after Elon Musk's DOGE granted 'full access' to sensitive Treasury systems | TechCrunch
What prompted this is I logged into my bank this morning to send some bill payments, and the FDIC banner at the top caught my attention. At first it made me laugh because of recent events, but that laugh turned into kind of a nervous chuckle:
I was like "Surely this administration won't fuck with the FDIC" but then read through the articles above, and now I'm not so confident.
Currently, I use a small, local bank. I've never really worried about it because of FDIC protections, but should I move my money out of it to a larger bank? Withdraw it all and stuff it in my mattress?
I'm not freaking out, but I am concerned about this for the first time in my life.
The rational part of me says that if it gets to that point, my money would probably be worthless anyway except for burning it to keep warm.
Huh, I may be experiencing a Mandela effect.
Edit: So there’s a way to do it, but I’ll involve multiple banks, people, and/or account types. Still probably what rich people do.
Via: https://money.stackexchange.com/questions/123961/is-the-250-000-individual-fdic-limit-per-account-or-per-person
This is what I do. But, my motivation was different. If the government or some corporation wants my assets I've made it as complicated as I can for them to take them: many accounts, different types, in the US and abroad. There's certainly overhead. But, it's mostly administration and limitations on liquidity.