Is It Time To Take My Money Out Of The Bank?

Is my money safe? That’s the question on many bank customers’ minds after the stunning failures of Silicon Valley Bank and Signature Bank in the past week, along with the takeover of Credit Suisse. A bank run on Silicon Valley Bank led the Federal Deposit Insurance Corporation to take control of the bank last Friday in the second-largest bank failure in US history. Two days later, the FDIC also took over Signature Bank. Tom Kelly tells a 90 year old story about his great grandfather that makes Tom wonder is his money safer in a bank or a pillowcase.