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.
Author: Jeremy Vohwinkle
My name is Jeremy Vohwinkle, and I’ve spent a number of years working in the finance industry providing financial advice to regular investors and those participating in employer-sponsored retirement plans.