Banks are not safe. What I wrote meant that you should not have all your savings in one bank, particularly the lage banks. We spread our savings around, mostly in a local credit union that has better protection than the FDIC.
Are you aware that if there is a bank run, that the FDIC won’t protect your account? Recent rule changes allow the banks to convert your deposits to shares of the bank. They own your money, not you. If the bank loses value, say by 50 percent, then they will lower your “share” of the bank by 50 percent, and that is all FDIC will pay out as insurance. There is a liquidity disaster in the making at large banks, and some will go under soon. That is why we began shifting large sums out of banks lately, and into safer venues.
As for us and our family, we don’t rely just on luck; we’re proactive.
Yes, that’s my understanding and why I mentioned. Some people, but obviously not you think their savings in banks are secure when they’re relying more on reputation and that of the feds to make good on a bank run.
Diversify assets.