I withdrew vast amounts of cash, as did every foreign-born person I know, not because I mistrust the banking system, but because I don't trust the system that keeps the ATMs full using low-wage labor. This is a fascinating test of the very American belief in normality and rules.https://twitter.com/EmilyStewartM/status/1249778915272527872 …
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I disagree with this. When banks fail the FDIC is able to move insured deposits to another bank within 2 days. They have that down to a science.
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I have total confidence that they do a great job with individual bank failures.
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Nope - the takeover FDIC process happens over a weekend while banks are closed. The failing bank’s retail deposits, withdrawals and transaction processing resumes on Monday AM with the acquiring bank’s name on everything.
Thanks. Twitter will use this to make your timeline better. UndoUndo
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Actually had a bank go under years ago during the last crash. Was the most smooth, logical process. Really made me appreciate the FDIC.
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Of course, in those days the Feds could actually travel to the bank headquarters
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