So yes, keep enough cash on hand to survive 2-3 weeks (if possible), but don't worry about yoinking out every last dime.

If you're with a credit union, like I am, check that you're with an NCUA-insured #CreditUnion to know that you have similar protections on your money.

Note that there are no such provisions for money market accounts. Those are unsecured account types.

#US #banking #FDIC #NCUA

Okay, seeing more "bank run" news in the US, this time from #PacWest.

US folks, if you're with an #FDIC insured bank, the US government will replace USD$250,000 -=per account=- of your money if the bank fails.

That's:
* personal checking
* personal savings
* business checking for a sole proprietorship (if you have one)
* business savings for a sole proprietorship (if you have one)

[I think that's the key types of insured accounts that one individual can have.]

#US #banking #FDIC #NCUA

Same applies to credit unions. Sub FDIC for #NCUA. Though #CreditUnions are leagues better than banks and don’t fail nearly as often.

I've read a couple good write-ups and many more hottakes on the SVB failure. One thing I would like the average financial services consumer to take away is... FDIC & NCUA only cover $250k of total deposits for individuals and entities. Anything above & beyond $250k cash deposited in a single bank (across all accounts) is lost in the event of a failure. If you have more than $250k at one institution, move the rest of that money somewhere else to keep it insured.

#SVB #personalfinance #fdic #NCUA