Is it safe to keep your money in bank?

[FMCPAY_GLOBAL]

As recent incidents demonstrated, even the most reputable financial organizations may suffer security breaches and unforeseen breakdowns. The Silvergate, Silicon Valley Bank, and Signature Bank instances have raised worries regarding the safety of storing money in institutions. In this article, we’ll look at these occurrences in order to consider if it’s safe to store your money in a bank and also find a new place to store your assets.

About Silvergate, Silicon Valley Bank and Signature Bank inciden

In less than a week, two of the banks that were friendliest to the crypto sector and the largest bank for digital entrepreneurs all failed. While cryptocurrency prices were rising on Sunday night following the federal government’s intervention to offer a guarantee for depositors at two of the banks, the events sparked instability in the stablecoin market.

Silvergate Capital, a central lender to the cryptocurrency sector, said on Wednesday that it will be shutting down and liquidating its bank. Silicon Valley Bank, a significant startup lender, went bankrupt on Friday after depositors withdrew more than $42 billion in response to the bank’s Wednesday announcement that it needed to withdraw $2.25 billion to shore up its balance sheet. Signature, which also had a significant crypto concentrate but was far larger than Silvergate, was seized by banking regulators on Sunday evening.

As a result, consumers are becoming concerned and seeking other ways to store their assets that are safer and more trustworthy than banks.

Where to keep your assets rather than bank

So, if you’re concerned about the safety of your bank accounts, what can you do to protect yourself? The first step is to select a trustworthy bank that has a proven track record of security and dependability. Search for institutions that have invested in cutting-edge security systems and have a track record of safeguarding consumer accounts.

Other types of investing, such as cryptocurrency or gold, are another choice. While these investments come with their own set of risks, they can offer diversification and possibly better returns than standard bank deposits. But, keep in mind that because these investments are not guaranteed or supported by the government, there still has a chance of loss. To avoid the risks of losing your funds, you should find a reliable crypto exchange that provides high security and trustworthiness. And that should be FMCPAY Exchange.

Why FMCPAY is a safe place to store your funds?

FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:

• Two-factor authentication
• KYC
• Email verification

As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange. Moreover, it is the most suitable for newcomers in this crypto economy. Market cap & rank, prices, exchange volumes, and currency conversion! Track your holdings with our new portfolio and make detailed comparisons – plus stay updated with crypto news. With its user-friendly interface, you will find it easy to use and start investing or trading crypto.

If you had any problem or question, the 24/7 Customer Support Team will help you answer and solve your issue as soon as possible to secure your funds along with your trust in FMCPAY Exchange.

Closing thoughts

To summarize, while the recent occurrences involving Silvergate, Silicon Valley Bank, and Signature Bank are worrisome, they are not reflective of the banking sector as a whole. Banks are subject to stringent laws and security requirements aimed to protect consumer assets. But, there is always the possibility of loss or theft, so it is critical to select a reputable bank and examine various types of investing to diversify your portfolio, like converting your assets into crypto and securing your funds in a crypto exchange.

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To avoid the risks of losing your funds, you should find a reliable crypto exchange that provides high security and trustworthiness. And that should be FMCPAY Exchange.

Why FMCPAY is a safe place to store your funds?

FMCPAY Exchange takes security seriously and has put in place a number of safeguards to protect your payments and personal information:

• Two-factor authentication
• KYC
• Email verification

As the most trusted platform for cryptocurrency exchange by digital securities registered in the USA, FMCPAY can ensure your assets will be protected whenever you invest in this exchange.

You're give a misleading information that will trick any newbie who doesn't understand about centralized exchange, they will think it's secure enough to store their coins on centralized exchange rather than on non custodial wallet.

Centralized exchange is worse than bank because there's no insurance company will back up every single customers' coins and it's vulnerable getting hack or going bankrupt like banks.

2FA, KYC and email verification has nothing to do with your coins security, it's just to secure your account. I advice you to correct it and act accordingly.

[DeathAngel]

Most people feel they have no choice but to store wealth in fiat bank accounts. Most of us here are very far down the crypto rabbit hole but to pay most bills & to pay for services, unfortunately it’s very easy to use a fiat bank account.

What we’ve seen in the news recently though is the banking system is in real trouble. Contagion from failing banks is spreading like wild fire. I would suggest to put most of your wealth in bitcoin but if you have a lot of fiat, spread it around multiple banks to make sure you stick to the national financial deposit guarantee. Do not put too much money in one bank as if they go bust you will not receive all of your money back. $100,000 max in each bank just incase.

[blockman]

The safety of our wealth in banks and centralized exchanges is unknown. Yeah, they may say that our funds are SAFU or whatever they call it just to not compromise what's given to them.
But these incidents were all signs that the banks could really collapse and even if they were "too big to fail". That doesn't make sense anymore because anything can happen no matter how big they are. That's why if you want to get hold of your money, bitcoin is the best choice to convert your funds into it. You have the keys, no third-party intervention and even the government will not know that you're holding it as there's no need for any KYC to happen. The sole responsibility is on you and how you keep yourself safe.

[ifarted]

It is safe to keep your money in bank but banks are getting more money by using your money to lend it to others or to those people who loan in the bank. That's my opinion in why it is safe to keep your money in bank. Some people would say that it is not safe to keep your money in bank compared to keeping it safe yourself. If you have a vault then I recommend using it rather than keeping it in bank although I said that it is safe and you can get your money much faster if you want unlike keeping in bank where you have to go a nearest ATM to withdraw.

[Yatsan]

Technically, it is safe to put money in the banks simply because it is registered under government institutions, meaning, all transactions are tracked. Bottomline is, the value or amount you have put in there would remain the same for a long period of time unlike with putting it to other digital asset. For sure you are trying to persuade people to put their funds on cryptocurrency, it would be a good idea only if they can endure possibility of losses. Putting your money in cryprocurrency will give you the opportunity to grow your fund but will also put your money at risk given that market prices are volatile or changing from time to time. Decentralized exchanges are not banks.

[Wiwo]

Before saving your money in the bank, you should settle for two facts about the bank which are, the involvement of a third party and also loss of control over your money with a guarantee that you get a refund from the federal reserve if anything financially goes wrong.

-This is what the bank put on the table for use and if you have to use them, you must be ready to agree to these terms and conditions, banks are a traditional essential financial tool that has been abused severally and since it is controlled by the central bank the lack that independent power so at that their become risky for the ordinary citizen to trust them with their money since there is no guarantee of being able to withdraw your money at will.

[GreatArkansas]

My experience now on banks right now is I really don't store a lot of money there. I am treating banks nowadays as just storage of my daily used funds or some money that I can use and have access to anytime like if I need fiat to buy something from our local, I will just withdraw some of my money from the bank.
But for my investment in the future, I don't trust it with banks anymore.

[Fundamentals Of]

You are funny. The banks are falling one after another and here you are trying to promote yourself as an alternative but, just like the banks, you are also a centralized institution. You are not different from the banks. Just like the banks that just collapsed, you are also holding your customers' money and you will also probably use it to invest somewhere else. Just like the banks, you will also be rolling those funds that are not yours, risking them in the process. You know why the banks failed? Because they're centralized.

[DapanasFruit]

In terms of the risks involved, there is no bank that can be considered as 100% anymore. So what to do is to distribute your assets in different banks so you have insured deposits. In case you have millions, better invest your money in money-earning real estate properties and go for gold and silver. Of course, one can go with cryptocurrency but here there are also big risks because anytime the value of your crypto can be changing its direction...to the north. Right now, some banks are undergoing some crisis but soon things will ebb down and we can be back to normal.

[Bay_Harbour_Butcher]

No one can guarantee 100% that your money is safe, even if you save it in a bank, of course real examples are Silicon Valley Bank and Signature Bank which have just gone bankrupt, even though these banks are quite large banks. but I'm sure banks will always exist as long as people still need credit loans

[m2017]

My experience now on banks right now is I really don't store a lot of money there. I am treating banks nowadays as just storage of my daily used funds or some money that I can use and have access to anytime like if I need fiat to buy something from our local, I will just withdraw some of my money from the bank.
But for my investment in the future, I don't trust it with banks anymore.

I wouldn't use banks to store my money. Even parts, even for a short time. There are almost no benefits. Interest on deposits is low, not compensating for inflation, bank can go bankrupt at any time and you will see more of your money. The only thing is if you use a bank to receive bank cards for online purchases. For everything else, it's easy to use cash that you can keep at home. Banks have never been suitable for investments. Then use the stock market for this, if you take the traditional methods.

[ethereumhunter]

Until now, it's still safe to keep money in my bank. Besides, the money I saved was in the government's bank, and I thought the government would immediately deal with it if something happened. But I don't save much money and only fulfill my daily needs. We all hope that nothing bad will happen to banks, especially government banks, but the bank may be affected when there is an economic crisis. But let's hope it's nothing.

Besides saving money in the bank, I also have bitcoins as a safe haven. Even though the value of bitcoin goes up and down, that's okay because later, there will be a time for the value of bitcoin to go up again, and that's when I will take advantage of it.

[jacafbiz]

I believe most people will see now that banks too are susceptible to default, the trust in banks has started eroding since the 2008 debacle. If you don't need money and you are looking for a safer place to put it, then buy Treasury bills, this is what most of these banks do with our money. I have this feeling that the recent events is just the start of another chain of banks' liquidity problem

[ichsan ardi]

in my country so far it is still safe, but we see the case of the American bank SVB experiencing bankruptcy which is considered safe, not necessarily safe. We also have to be careful not to keep our assets in one place, stay safe.

[ANSEL_2.0]

Bitcoin wallet is the only private bank that keeps my satoshis the way I left it before going to bed, but the government bank I use always deduct money for no reasons, I complained, they fix and later they do the same thing, I don't keep money in the bank anymore, now I prefer using stable coins and bitcoin to store money, there is always profits surrounding bitcoin, compare to keeping money in the bank that won't yield anything.

[siniminomorocomunisakito]

In my opinion keeping your money in the bank is generally safe, even during a recession. One reason is that most deposits in banks are insured per category of account ownership. Plus, most banks keep enough cash in reserve to keep them steady even in crazy economic times.

Regarding whether or not your money is safe in the bank depends on factors such as the amount of the balance and the type of account you hold. For example, some account types may not be covered by FDIC insurance, such as mutual funds, annuities, or stocks.

[so98nn]

It is safe to say that it’s not safe to keep Money in the bank accounts which are directly involved with the crypto space. The problem is not the bank neither is the crypto really but it’s foremost combination of both of them. Whenever a bank is connecting itself with a crypto then it calls for an attention from the government authorities. Obviously crypto is big space and it calls for huge amount transactions. Many times they are off the books and balance sheets aren’t prepared as per rules. This gives a chance to government authorities to pull a charge sheet against them and note that such banks or financial institutes always fail. That’s why it’s unsafe to keep money in such banks. But other traditional banks, I believe they are far more safer.

[Anonylz]

All banks are not silicon valley just so you know, and reputable or not, anything can happen. If reputation was to play a role here, silicon valley imo should be considered as one since only notable companies own assets there. I think this just goes to show that no company is above a security breach.
Choosing a reputable bank is good but when something is bound to go wrong it can't be stopped, and reputation won't do much to prevent it from happening.

[StarKay]

I have gone through your writeup and it is more of a promotion for FMCPAY Global Exchange. You are clever enough to outline that it is mostly safe to keep money in the bank but where there is doubt, money can be invested in Gold or Cryptocurrency. You recommend FMCPAY for the Crypto saving option being a secure and reliable exchange in your opinion.

But if you have no interest in FMCPAY, would you recommend it above Binance, Coinbase, Houbi, OKX and others. As someone earlier stated, noncustodial wallet is the best for saving money in cryptocurrency.