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Another bank closing

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  • Another bank closing

    Was it last week a bank closed? 1st National Bank of Az. closed do to comptroller of currency a gov. agency ordered it, they didn't have time to tell the customers. I really don't know about this bank seems like it maybe a small bank. Are we going threw a depression, I remember my Mom telling me yrs ago that my Grandpa lost so much money due to closings of banks. He never trusted a bank again & kept his money in the house. I hope we need not to do that. Just seems these smaller banks are having problems. I feel bad for the customers there, they never had a chance to be notified.

  • #2
    Re: Another bank closing

    Your money is safe in any US bank, guaranteed by the FDIC. FDIC is insurance backed by the US govt. The limit is $100,000 per institution. If you have more than $100,000 in any bank, withdraw and spread it to other banks. There are exceptions to the rule, ask your accountant if you have trusts set up.