Is it safe to keep your money in bank? - page 13.

bakasabo

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Quote from: Apocollapse on April 20, 2023, 05:23:48 AM

Many people said it's safe to store your money on banks because your money will be insured by FDIC, so if the bank is collapse, they will recover and compensate your money.

It's true, but not always!

If the whole economy are down and there's a big problem for all country in the world e.g. virus, war etc.

FDIC will not able to recover your money because they're also struggling!

Also, FDIC has limits on the mount they could recover for private person or company investment in bank. It differs from country to country, but if a persons holds a million in bank, it does not mean that in case of banks bankrupt he will get that million back. For example in Russia in case bank goes bankrupt, a physical person can only get around $17k back. In current realities that is nothing. And compensation isnt instant. Also banks can not just go bankrupt, but lose license. Persons funds are also get frozen, and he gets zero back. Banks are safety box.

Apocollapse

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Many people said it's safe to store your money on banks because your money will be insured by FDIC, so if the bank is collapse, they will recover and compensate your money.

It's true, but not always!

If the whole economy are down and there's a big problem for all country in the world e.g. virus, war etc.

FDIC will not able to recover your money because they're also struggling!

wxa7115

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Bitcoin is GOD

Quote from: SquallLeonhart on April 15, 2023, 11:10:02 AM

Quote from: trendcoin on April 14, 2023, 01:34:12 PM

Actually, Bitcoin means being your own bank, but if we have to choose a centralized system, state banks are still the best option. They have somewhat lower interest rates but are the most reliable. Still, I think we should continue not to collect all the eggs in one basket. As we diversify our investments, we can also diversify the service providers we prefer for our investments. Besides state banks, we can also use some reliable banks.

This is true, either use your own wallet as your own bank, in fact use that if you can because that is by far better than anything else, it is the creme of the crop and you should be able to live a great life if you can just do that.

But if you "must" use banks, then state ones are definitely the best, the private ones will not be able to save your money and if they are gone then they are gone, not many nations have state banks, because liberal policy means that state should not own many business' and that is why some nations are unlucky like that, but in nations that has state banks you can use, even if they fail, they can just ask the federal reserves for more money and pay you and nothing will go wrong, your money is 100% safe there.

Most governments around the world have also insured private banks so your money is as safe there as it is with banks owned by the state, which under regular circumstances that is reasonably safe, but when an economic crisis strikes banks can be one of the most unsafe places where you can leave your money.

As the only thing a bank or a government in need of funds needs to do is to perform a few keystrokes, change a few laws and they can legally keep your money, a scenario we have witnessed through history several times before.

podluznyj

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Quote from: Salahmu on April 11, 2023, 02:23:11 PM

Saving money in the bank is always save and secured but considering the collapse of silicon valley bank I fear for our bank account, the security of bank account is not guarantee but the risk of losing money from bank account is low considering that of online

as for me, keeping money and savings in a bank is not saving them, since the banking system has many shortcomings in our society, there are a lot of scammers, and not only banks go bankrupt a lot in our time, especially in post-Soviet states where there is no stability and reliability in that your funds will not be wasted

SquallLeonhart

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Quote from: trendcoin on April 14, 2023, 01:34:12 PM

Actually, Bitcoin means being your own bank, but if we have to choose a centralized system, state banks are still the best option. They have somewhat lower interest rates but are the most reliable. Still, I think we should continue not to collect all the eggs in one basket. As we diversify our investments, we can also diversify the service providers we prefer for our investments. Besides state banks, we can also use some reliable banks.

This is true, either use your own wallet as your own bank, in fact use that if you can because that is by far better than anything else, it is the creme of the crop and you should be able to live a great life if you can just do that.

But if you "must" use banks, then state ones are definitely the best, the private ones will not be able to save your money and if they are gone then they are gone, not many nations have state banks, because liberal policy means that state should not own many business' and that is why some nations are unlucky like that, but in nations that has state banks you can use, even if they fail, they can just ask the federal reserves for more money and pay you and nothing will go wrong, your money is 100% safe there.

judaspriest

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C O M B O

Quote from: trendcoin on April 14, 2023, 01:34:12 PM

Actually, Bitcoin means being your own bank, but if we have to choose a centralized system, state banks are still the best option. They have somewhat lower interest rates but are the most reliable. Still, I think we should continue not to collect all the eggs in one basket. As we diversify our investments, we can also diversify the service providers we prefer for our investments. Besides state banks, we can also use some reliable banks.

Yes, basically there are many trusted bank options and we can take advantage of that,
indeed saving money in a bank does not mean it will be 100% safe because of course there will always be risks,
but at least it's much better and again it all depends on each other's decisions.

trendcoin

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Actually, Bitcoin means being your own bank, but if we have to choose a centralized system, state banks are still the best option. They have somewhat lower interest rates but are the most reliable. Still, I think we should continue not to collect all the eggs in one basket. As we diversify our investments, we can also diversify the service providers we prefer for our investments. Besides state banks, we can also use some reliable banks.

wxa7115

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Bitcoin is GOD

Quote from: Chainsmokers on April 13, 2023, 04:11:18 AM

Again, the decision is in the hands of each and whether it's saving money in the bank or keeping it yourself,
I think it has its own advantages and disadvantages,
indeed nothing is 100% safe and of course there will always be a risk of losing.

At this point the risks of keeping our money at banks are too high, those which do not believe this always argue that your deposits are insured, but did people forgot already what happened at Cyprus where the government literally stole the money of the depositors?

And this is not the first time this has happened, then it is important to be a little bit more skeptic of banks, as it would not surprise me if another crisis was brewing and suddenly a great deal of the people around the world with a bank account found themselves unable to access their money due to a bank holiday imposed by the governments, and such bank holiday lasted until politicians figure out how to solve the crisis, a crisis they are responsible for.

Hallroom

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Quote from: Lainta on April 02, 2023, 09:56:30 AM

Quote from: abralzain17 on March 28, 2023, 02:35:23 PM

according to what I know that saving money in a bank has strong and guaranteed security, but by saving money in a bank there will be no added value if only a little money is saved. but if your money has a large value then the interest rate you get is also large. only the security is very strong to keep money in the bank

You are correct that saving money in a bank provides strong and guaranteed security for your funds. In most countries, banks are insured by a government agency, such as the Federal Deposit Insurance Corporation (FDIC) in the United States, which guarantees deposits up to a certain amount. This means that if the bank were to fail, your deposits would be protected up to the insured limit

There are easier ways than keeping fiat money in the bank. Collecting Bitcoins for a long time by collecting a hardware wallet. However, if you keep the money in the bank, you will not get much benefit, but if you buy Bitcoin, you will definitely generate money from it, from which you will get a double source of income. And Riks are very less which will be very easy and convenient for you.

Chainsmokers

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Quote from: Rasa nanas on April 13, 2023, 01:12:26 AM

Quote from: Salahmu on April 11, 2023, 02:23:11 PM

Saving money in the bank is always save and secured but considering the collapse of silicon valley bank I fear for our bank account, the security of bank account is not guarantee but the risk of losing money from bank account is low considering that of online

No place to save money is 100% safe because the potential for unwanted things to happen is still there, even if you keep money under your mattress. but what needs to be underlined here is that if you save your own money, you are fully responsible for the money you save. however if you save money in a bank there are other parties who are competent in this field who will be responsible if something happens to the money you have saved.

Again, the decision is in the hands of each and whether it's saving money in the bank or keeping it yourself,
I think it has its own advantages and disadvantages,
indeed nothing is 100% safe and of course there will always be a risk of losing.

passwordnow

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Quote from: ammo121810 on April 12, 2023, 08:20:59 PM

We can only say that it is safe to keep money in the bank if the amount we keep below or exact the guaranteed insured by the FDIC if the bank collapse the money we had deposited will come back. But if the amount is higher than the guaranteed insured the exceeded amount will not be returned.

There's a limit on how much will be insured so if you're going to keep money in the bank then just do it under the threshold of what's covered by the insurance of the central bank or so. I'd say that money is still safe in the bank as long as it's not that a lot of money because we know that they're freezing funds by their customers based on what they think is the status of the customer and what they think about the situation of the bank and the country. This has been happening in Chinese banks and as well as in Lebanon.

Rasa nanas

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Quote from: Salahmu on April 11, 2023, 02:23:11 PM

Saving money in the bank is always save and secured but considering the collapse of silicon valley bank I fear for our bank account, the security of bank account is not guarantee but the risk of losing money from bank account is low considering that of online

No place to save money is 100% safe because the potential for unwanted things to happen is still there, even if you keep money under your mattress. but what needs to be underlined here is that if you save your own money, you are fully responsible for the money you save. however if you save money in a bank there are other parties who are competent in this field who will be responsible if something happens to the money you have saved.

Bobrox

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Bank is most safety place for saving money, I don't think not secure when saving your money in the bank due many people more than ten years and their money keep safety in the bank. But have weakness when saving money in the bank for longer time, inflation and values will drop than first time we are saving its the reason why many people move their money from the bank to the other assets investment.

All people still save their money in the bank because many digital transaction and easy when using mobile banking for payment transaction, but not worry Bank is the most secure place for saving money.

raumonds

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The recent bank incidents are really concerning. It's really freakin' me out. I mean where are we supposed to keep our money now? Luckily, I stumbled upon XGo and it seems like a totally legit option. They've got this dope multi-currency wallet and virtual bank cards that are straight up awesome. But the real kicker is that you can swap between crypto and fiat currencies! Like that's some next-level stuff right there, and their walletID feature is like an additional layer of security that reduces the likelihood of errors when sending coins.

ammo121810

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We can only say that it is safe to keep money in the bank if the amount we keep below or exact the guaranteed insured by the FDIC if the bank collapse the money we had deposited will come back. But if the amount is higher than the guaranteed insured the exceeded amount will not be returned.

The risk depends on us. Better yet to spread out the money in different bank just to be safe rather than to be sorry if the bank closed.

lalabotax

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Quote from: Salahmu on April 11, 2023, 02:23:11 PM

Saving money in the bank is always save and secured but considering the collapse of silicon valley bank I fear for our bank account, the security of bank account is not guarantee but the risk of losing money from bank account is low considering that of online

Actually, it is not always 100% saved and guaranteed. Because sometimes, your money may be lost in the bank. I am not talking about it always, but it is still probable. You can browse in the internet, several incidents of people losing money they deposited long ago in the bank. although this is not frequent, it makes us realize not to trust 100% and think that the bank is very save. it is better to be more careful and wise to save your money.

Salahmu

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Saving money in the bank is always save and secured but considering the collapse of silicon valley bank I fear for our bank account, the security of bank account is not guarantee but the risk of losing money from bank account is low considering that of online

wxa7115

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Bitcoin is GOD

Quote from: carrie_white on April 05, 2023, 11:06:47 AM

no one can guarantee the safety of your money, even in a bank, especially since the incident of silicon valley bank , signature bank and Credit Suisse went bankrupt, I think this also makes people hesitate to put their money in the bank, but banks are still safer than crypto, i mean we have to guard our crypto wallet carefully because the full responsibility lies with us

The nature of banks and bitcoin is completely different, while it is true the typical holder of cryptocurrencies has a higher chance of losing their money and will fail to recover it, it is also true that when banks collapse they could bring millions of people down with them.

The risk is so real governments all around the world created protocols to protect the savings of their citizens, however in the case of a systemic collapse those protocols will not work, and while such a catastrophic collapse is rare, it happens from time to time, and during such an event holding bitcoin will be a way better option.

carrie_white

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no one can guarantee the safety of your money, even in a bank, especially since the incident of silicon valley bank , signature bank and Credit Suisse went bankrupt, I think this also makes people hesitate to put their money in the bank, but banks are still safer than crypto, i mean we have to guard our crypto wallet carefully because the full responsibility lies with us

Teraboy

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Quote from: eaLiTy on March 28, 2023, 06:18:33 PM

So the security of your money in the bank all depends on country to country and their banking rules and how strong is their economy. You cannot fail all the time and expect everything will be alright at the end of it and no government can save them all the time. The sole reason why cryptocurrency markets started to rally is because US banks started to fail left and right and people are not sure how many will be falling.

The thing that i know if our country's economy is far strong compared with crypto exchange site that can even failing anytime even without getting an attack. Everything will be alright with the govermnet who was backing it. I can make a report to the police if my money got stolen in the bank or something else but there's no that thing in crypto. If your money got stolen and it's gone. It's hard to accept reality.

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