Are Other Banks Set to Fail?
The financial institution I work for is set to announce its earnings tomorrow. I went out after work with a few other office managers who seem to think that after tomorrow we’ll all be out of jobs because our bank is the next to fail. While it’s a concern, I don’t think that is truly reality- yet. I am one of the optimists and I say that we’re going to be fine.
If all the people would stop freaking out about IndyMac bank failing, then so many other banks won’t be in trouble, like others are predicting. I can’t even begin to tell you how many questions I have had about FDIC insurance and how to style accounts so that they are covered in the past few days. It’s been horrible. I am tired of telling people to add a beneficiary to their account to get $100,000 extra FDIC coverage! I understand it is my job, but I also feel that consumers should do a good job of educating themselves on their money. I had a customer today tell me that the person who opened her account should have let her know about the $100,000 per depositor FDIC coverage. We have signs put up all around the branch letting people know about this. It’s not like we are hiding it.
I think it all boils down to making smart money decisions. Sure, if you’ve got more than $100,000 in an account, make sure you add a joint owner or beneficiary! Just make sure that you do it as soon as possible for peace of mind. If people start making a run on the banks, of course they are going to run out of money and will have no choice to go under. Make sure you cover your assets.
I am worried that I will be out of a job soon, but at the same time, I know that is something I cannot worry about. It’s totally out of control. I’m going to sit back, take one day at a time, live frugally, save my money, and pay off my debt. After all, isn’t that all we can do?
Do you think more banks are going to fail?