7 Rich Banking Rules... NO ONE Else Will Tell You!

[@GlobalBankscom]

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[@dermotwalsh9572]

Thoughts on the QFS banking developments ?

[@laurent90210]

the last point of not keeping all of your cash in a fintech bank makes no sense. Nobody keeps all money in one bank, so that is obvious. However, the majority of your cash can be in an online savings account, because it pays the highest interest. You can just transfer the funds to another bank when you need it. If the bank fails, you are protected, the deposits are FDIC insured and bank failures in the USA nowadays result in another bank taking over the accounts, that is resolved in a few weeks at most, usually in a week.

[@GlobalBankscom]

Thanks for the comment. Unfortunately, there are a lot of people who DID (and DO) keep all of their savings in a fintech account (as crazy as that sounds) - just look at the Synapse case - and that's a problem because when fintech platforms go bankrupt they are not covered by the FDIC (even though the underlying funds are covered). So this can cause massive delays and questions about who owes customers. As for traditional savings accounts, yes they are covered by the FDIC in the US (and similar deposit schemes abroad). But, deposit insurance only covers you up to a certain amount (e.g. 250k in US, 100k in EU, 100k in CA, 85k in UK, etc). So, if you have more than that, you need to be more thoughtful about where and how you bank, and that's assuming you're not following rule one from the video for investing...