Have you heard about banks closing down individual and small business accounts? As this article reports, it is happening more and more often, and it can be very disruptive as they often hold onto your money for months, leaving people unable to pay their bills and businesses unable to make payroll.
My advice: Have a banking relationship with more than one bank. For individuals, have accounts at a traditional bank and other accounts at a credit union. For businesses, have accounts at a large bank but also another at a community bank.
For individuals, this is also another good reason to have cash on hand in case of emergencies. Having a small amount of cryptocurrency that can be used to pay some bills or some silver that can be cashed in is also helpful.
Fricken’ banks.
Published 11/5/2021. Read full article.
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