About two weeks ago I heard of a local bank going under. This worries me a little because I don’t know what happens to people’s money. If you have a checking and savings account do you lose everything or is your money ties up in stocks and bonds somewhere else? I need to ask my bank about this because it’s something we need to know about. There are plenty of people who don’t use banks to hold onto their cash but I’m not one of them. At least not right now. Do you know what would happen if your bank went under?
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2 comments:
I have no clue. I thought that's what their insurance is for, it's supposed to cover up to a certain ammount. I hope that includes when a bank goes under and not just in case of fire or robbery.
However, do you remember President Hinckley talking about his bank going under and losing his money just before he went on a mission? Hmmm....
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