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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It's fascinating to watch journalists whose retirement savings evaporated three weeks ago, and whose jobs will disappear three weeks from now, reassure the public about the basic trustworthiness of the financial system.
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(A corollary to 'don't put too much trust in banks' is to keep your a bunch of your cash in usable denominations, not hundreds. If you don't have over a hundred bucks—problem solved!)
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One final point—while bank deposits are FDIC ensured, the mechanism for backstopping the banks in case of mass withdrawals is functionally identical to the Paycheck Protection Program, and look how smoothly that's going right now,.
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Replying to @Pinboard
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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