Look no further than the IndyMac failure, and many people have come to realize that it can happen to them. Bank failures are usually far and few between, but this year’s credit problems are forcing more banks to fail than usual. Some experts say that IndyMac was only the beginning, and many more failures could be on the horizon. Does the thought of your bank possibly failing have you switching banks?
For me, I’m not terribly concerned, and won’t be making any changes. Our primary bank is with JPMorgan Chase, and if they were to fail, there would be far bigger things to be worried about than the money in my checking and savings account. The only other bank we use is a large regional bank, and they only hold our mortgage and a credit card. So, there really aren’t too many other options for us, and I’m fairly confident the banks will be just fine, and we certainly fall under the FDIC limits, so I have no problem sleeping at night.
That being said, there are a lot of people who are with troubled banks, so I wonder how many readers have made, or are thinking about making changes to their banking situation after some of these recent events.
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About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.