How Safe Is Your Money...

Yes you are right there is a question as to how safe are banks and our money in bank but we don't have other option left, we have seen lots of banks collapsing due to bad loans given and banks are dissolved due to this. Now a days trust has become so important as now family members also don't trust each others. i remembers once i put money in co-operative banks which was good and growing bank but suddenly one days we came to know that banks is closed by central bank due to bad loans given and all money is blocked till further notice, it took nearly 4 years and lots of afford by many people to revive and recover loans and money is distributed in instalments. many peoples loose hard earned money, life due to shock and many marriages broken due to non availablity of funds and many more bad things.

If you live in the United States, and your money is in a FDIC insured bank then you would have absolutly nothing to worry about. When you have money in a bank that is isured, they actually take a policy out on all of the assets thta you have deposited into the bank. Of course the bank is earning interest of the money that you deposit, but you never have to worry that your money will not be accessable.

I am always worried about keeping money in the house in case of thieves coming in to steal it or being burgaled (can't spell sorry!) or what if your house burns down, then all the money would be burnt and that would be horrific! I do keep coins in the house and a little bit of emergency money, I rely heavily on the banks, trusts and ISA accounts which are tax free, it's as safe as anywhere, more so than under my bed

My money stays in the bank but I do have a tin I put change in here at home. I don't like having money with me cause if I'm robbed, there goes what lil money I have till the next payday.

My bank account has been opened for over 15 years and they are pretty familiar with my transactions and what is out of the usual for me. I get emails and text message when I make transactions greater than a certain amount or seem to be out of the usual. We do have a pretty big jar of coins at the moment, but please don't ask where it is, all I know is that it is in a really safe place. So safe, even we can't find it! lol. hhhmm, I wonder if that's what put hole in the floor.

We don't have much money but what we do have we keep in the bank and we pay our bills by phone through our account or by debit. My hubby's paychecks go into the bank automatically too. So if our account was frozen we would be in trouble financially also. But then so would all everybody. So I don't worry about it. If the depression happened again no one would be able to pay their bills or rent. We would all be in the same boat including our landlords and utility companies because their money would be frozen too.

i put almost all my money in the bank and i do have to trust them completely i guess... i just don't feel safe putting all my money in my house and i also get interest in the bank... i just hope that nothing will happen to the bank as i will be very devastated if that happens... my paycheck go to the bank as well as my hubby's... and we definitely can't survive if our account in the bank is being frozen... similar situation like yours i think...

We'd be up a creek too! We rarely have any real amount of cash on us. Everything is kept in the bank and his checks go there directly. It's a scary thought now that you got me thinking about it!! Though I doubt we could actually keep cash around LOL.

It's a bit scary isn't it? I've had Paypal payments reversed and merchants take unauthorized payments from my checking account. I've also heard of people having their paypal accounts frozen (for a couple thousand dollars) just because they pruchased an item on eBay from someone who was under investigation. Right now I have two checking accounts. It's a pain in the butt but I figure that if something goes haywire with one of them, at least I still have some cash in the other one. Also, only one of the accounts is connected to Paypal and I'm very careful about where I give a check.

Well i have a safety deposit box at the bank..That is a safe place....Nothing can happen to it even if there was a fire whitch is highly unlikely...

I have a savings account for check cashing. I don't put any money it it though. I have already dealth with having my account frozen, when my husband passed away and I couldn't pay the credit card companies etc. So now I hide my money at home. I would like to keep it in the bank, but don't want to take that chance, else I wouldn't be able to pay my bills.

This is a very good question. A friend of mine had his bank account frozen last year. He had driven his credit card debt up past his ability to pay. He was late on his payments and they re-evaluated income and debt. So his checks started to bounce. He had to get his automatic deposit terminated and checks sent to him. He had to cash them at grocery stores and pay everything by cash or money order. My cousin's husband left her for some other woman. He froze their joint account. She went to get grocery money for her and the kids. They told her she couldn't get any money because the account was frozen by her husband (joint account, so how?). She got a lawyer and her pay stubs. The majority of the money (3/4) was hers from work, they were both direct deposit. The lawyer got it unfrozen and she took 3/4 out so she could pay the bills including the mortgage on her house. So accounts are still frozen today for various reasons. I've known two people so far with frozen accounts. At least enough money for one month's worth of bills should be in everyone's home. At least one year's worth of bills should be in a savings account. Why? It takes at least a month to unfreeze an account, usually. If a person looses his or her job, it can take up to one year before that person gets a job. Where should you hide your money? In a safe that doesn't look like a safe, behind a picture, in a book, or out of sight, in a pringles can under the floor boards in a closet or under the bed. A hidden safe with a combination is best. I hope this helps.

Your husband is living in the twilight zone to believe such things couldn't happen again. They say history repeats itself so one should never say never about depression or any other event not happening again for we never know. I don't trust banks 100% either after all they're ran by humans and humans make mistakes.

Nothing is a 100% guarentee but its more likely someone could get your money in your own home than in a bank. We don't live in the early 1900s anymore. People have been keeping there money in banks for YEARS and years now. Identitiy theft...be super careful with your personal information, change passwords and usernames if possible annually and dont give your credit card number out like candy. Invest in a shredder or burn important papers with sensitive information. Take precautions and you won't have to worry so much. As for the recession...we had one back in the 90's and everything turned out fine. I think this post although a great topic has caused a little unnecessary panic.

I dont keep any money hidden at home. I usually have a few dollars in my wallet, maybe up to $100 sometimes. Most of my money is in the bank or investments. I believe itto be very safe in the bank. If the bank crashed, there would be a general depression to have caused this, & no money would be safe anywhere then. My old Grandmother used to keep a lot of her money hidden in her house under the wardrobe. She had thousands there. She told my Dad where it was so that he could rush in & save it if there was a fire.

I put my money in bank.I feel it is afe until and unless something very bad happens. Also for some investment purpose I have put some money in other securities. i am quite sure about all but not for just one insurence company taht i have a policy with.

Our money stays in the bank too. My hubby's check goes direct deposit...we basically live off of using the debit card. We hardly have any cash. I dont see a reason for our accounts to be frozen....unless there are reasons that I dont fully understand. Im just afraid that if we keep too much money at home it could be stolen or we would use is to easily.

Well,me, I am a naturally cautious individual! I use the 50% rule! I keep 50% of my money where I can get to it, and only 50% in banks and investments! I own cars and musical equipment that I can liquidate on demand, if I need any more money! 50% of the money I have at home is in a fireproof safe, that is locked to the floor,(I can remove it quickly in case of fire if I have time) and the other 50% is in my pocket to pay bills and spend daily! My cars and musical equipment are fully insured in case of theft or fire! My investments are all FDIC insured (i don't know if that helps any)

I think that there is some reason for concern. I work in the financial industry and there are some signs that are troubling. I don't think we will see a large scale collapse but some are not as optimistic. For those that are worried, hiding cash is not really going to help much. If the economy collapses to the point where banks freeze assets or cannot cover deposits, cash will be pretty worthless anyway. What I would recommend is to have some of your net worth invested in tangible assets, namely gold and silver. I would invest a little bit every month in rare coins or bulk metals. You can often get rare coins that are not in very good condition for a little over the spot value. Spot value is just a measurement of its current trading value. Last time I checked gold was over $900 an ounce and silver was around $20 an ounce. So the threshhold for entry into this type of investment is very low. There are some fairly decent pawn shops in my city. I will stop in every once in a while and see what types of coins they have. I may pickup a few if I can get them at the right price. If the economy colapses and banks fail, the price of precious metals will raise substantially. So those who have an investment in precious metals will be in pretty good shape. Plus, if the economy rebounds, precious metals will hold their value. They have never been worht zero!

i haven't save enough money as that. but if i have enough,i will enjoy my life with this!~