Probably the most over abused myth in today’s world revolves around the safety of your money in a bank.
Our government proudly boasts that your deposits are insured up to $250,000 by the FDIC.
But are they really YOUR deposits?
Not according to the banking industry.
You see, the banksters have twisted the laws to read that once you put money in a bank you no longer have control of your money. You are an UNSECURED creditor of the bank.
You read that right.
Once they have your money they can do whatever they want and REFUSE TO GIVE IT BACK to you.
I realize this sounds nuts but just try to take out a few thousand dollars in cash and see what happens. You’ll be treated like a criminal or a terrorist/drug smuggler.
Why would they do this?
It’s simple. They don’t keep much cash in ANY branch.
Those gigantic vaults, that cost a fortune to install, are for show only. Most banks have less than $50,000 in any given branch.
Wait! What? Only $50 grand?
Yep. That way it prevents a run on any bank because they can refuse to give you your money by saying “Oops, sorry! We don’t have any more cash available, sucker.”
What are you gonna do then?
This scenario is nothing new…and it’s not going to improve anytime soon.
But you can act to minimize your exposure.
In the next issue of Simplifying Wall Street in Plain English we feature an article “If you don’t hold it, you don’t own it.” (LINK)
It shows you how to safeguard your money from sticky banksters paws.
Go there now (LINK).
You’ll thank us later.