"I bought your book at the airport. It called out to me. Thank you for your work and web site. Write a sequel, so I have more to read!" -Richard
Read More Testimonials»

Our Smart Investing Experts

Jason Kelly

Jason Kelly

Author of The Neatest Little Guide to Stock Market Investing

Shared by First30Days View Profile»
Lauren Young

Lauren Young

Journalist and department editor at BusinessWeek

Shared by First30Days View Profile»
Stephen Gandel

Stephen Gandel

Money magazine senior writer

Shared by First30Days View Profile»

Meet all of our Finances Experts»

Got a Question?

Q&A

If you have questions about this change, you're in the right place. Our editors, experts, and community of change optimists have answers!

AnnieChance

Question:Where are you keeping your money?

It seems a bank a week is going under these days. I keep hearing friends who say they emptied their accounts at certain banks and moved them to others they perceived as being "safer"...even though many banks are FDIC insured. But I heard that pulling out cash will just freak out banks more...and that some banks could stop dispensing money through ATMs because of the loss of cash.

I think my bank is relatively safe, but I'm not sure.

What to do? Do I really have to start putting it in my mattress?????

Asked by AnnieChance on 9/29/08 2 Answers»
ChangeHero

Answer:

Some stocks, tax-exempt funds, cash savings, money markets. If you really want to pull your money, invest in a large safe, a good home security system and keep it quiet.

Otherwise:
- Ask your bank for their financials
- See if they're including on US Banker magazine's list of Top 25 Banks
- Check out the FDIC web site for questions/answers Link

Your money is safe if under $250K. Even with bailouts and mergers, the FDIC is your safety net. During the S&L failures in the late 80's no one lost their money.

Answered by: ChangeHero on 10/9/08
springshine

Answer:

under the mattress!

Answered by: springshine on 9/29/08
Got an Answer?