Because of the Dodd-Frank Act in 2010, banks that are struggling have authorization to use their depositors’ funds to maintain their own solvency. In this Expert Report Phil Cannella explains why your investments are not entirely secure if your funds are sitting in the bank.
“Many investors spend a lifetime building their investment accounts. You can think of that as a retirement vessel taking you through your retirement years, and you are the captain of your retirement vessel. But if your savings are tied up in traditional investments, you risk having that vessel commanded by the government or the banks.
Due to the passage of the Dodd-Frank Act in 2010, investors’ retirement savings may not be secure if their funds are sitting in a bank. In reality, banks big and small are sharks capable of taking deadly bites of your retirement savings during a financial crisis. Rather than bailing out banks like in 2008 and 2009, the Dodd-Frank established a bail-in technique which authorizes banks to use the depositors’ funds to maintain its own solvency. Since the FDIC only insures up to 250,000 of a depositor’s savings, amounts exceeding 250,000 in any bank are at a lethally high risk of being taken without ever being returned.
To keep that bank alive, many depositors with struggling banks face the lethal risk of these sharks taking a deadly bite out of your retirement vessel. Find out the safe alternatives that are available to you and how you can maintain control of your retirement future by seeking out the knowledge of a retirement phase expert today.”
To hear more stories and reports that will impact your financial future by visiting https://crashproofretirement.com/radio-show/ and by tuning into The Crash Proof Retirement® Radio Show, Saturdays at 11 AM and Sundays at 1 PM on Talk Radio 1210 WPHT.