How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Thomas Swartz Your Own Question
Thomas Swartz
Thomas Swartz, Attorney
Category: Legal
Satisfied Customers: 3002
Experience:  Twenty one years experience as a lawyer in New York and New Jersey. Former Appellate Law Clerk.
Type Your Legal Question Here...
Thomas Swartz is online now
A new question is answered every 9 seconds

Hello....Does anyone have an opinion whether its safe to keep

This answer was rated:

Hello....Does anyone have an opinion whether it's safe to keep all your savings in ONE bank?I have even heard that you should take part of it out and get a cashiers check in case the bank fails. Also, what is considered ALOT of money?50,000?100,000?Thanks!

Most banks have depositor's monies insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC insures depositor's accounts up to $250,000 per depositor per bank. So, even if your bank fails, and your bank is insured by the FDIC, you are guaranteed to get back up to $250,000.

You should check to make sure that your bank is insured by the FDIC by checking their Bank Find Feature. If your bank is insured, I would have no problem keeping up to $250,000 in a single bank. Anything beyond $250,000, it would be wise to have your money in a separate bank.

Customer: replied 3 years ago.

Thanks Thomas....BTW what is considered a LOT of money these days?Thanks

I really can't say what is considered a LOT of money. I guess it all depends on your circumstances. What is a LOT to you and me, is probably not a LOT to Donald Trump or Warren Buffet. In terms of what would be considered a LOT of cash to hold, I personally would consider holding more than $50,000 to be a LOT of cash to hold. Anything more than $50,000 I believe should be invested some where other than cash, because you are basically earning very little on bank accounts these days. But how much cash you hold really depends on your individual circumstances.

Thomas Swartz and 2 other Legal Specialists are ready to help you

Related Legal Questions