Outbreaks are more dangerous than putting money in banks - Hut Mobile

Outbreaks are more dangerous than putting money in banks

Outbreaks are more dangerous than putting money in banks

SEOUL, SOUTH KOREA – FEBRUARY 22: A South Korean banker carries US dollar bank notes at the Korea Exchange bank on February 22, 2005 in Seoul, South Korea. The South Korean won jumped to its highest intraday level in more than seven years in domestic trade on Tuesday, boosted by strong foreign equity buying and exporter deals. (Photo by Chung Sung-Jun/Getty Images)

The outbreak of a new coronavirus is causing anxiety that financial markets will collapse. But this does not mean going to the bank to get all the deposits out and hide the money under the bed.

Bank deposits are protected by Federal Deposit Insurance Corp., and the FDIC website also provides useful information to help people answer questions that may arise recently.

The most important point is that the FDIC states that everyone is in the same bank and a deposit of up to 250,000 yuan is guaranteed. European countries have adopted similar safeguards. “The bank is the safest place to save money,” FDIC said. “Whether it is operated over the Internet or at the counter, customers are guaranteed access to their assets.”

The FDIC’s exchange rate audit and the Federal Reserve Board remind nationals that officials are encouraging banks to use so-called discount windows to provide short-term loans to people in need.

The Federal Reserve provides emergency funds to financial institutions in the event of a crisis in the United States. It lowers interest rates to 0% and rectifies financial plans to ensure that banks have sufficient funds.

But in fact, banks do not need to be prepared to provide funds, especially large banks have 1.300 trillion yuan of common equity interests and 2.90 trillion yuan of high-quality current assets. This means that large banks have huge assets and liquidity exceeds minimum buffering requirements. In other words, people do not need to take large sums of money out of the bank, and deposits are safe. Experts point out that although some banks have recently restricted cash transactions, there is no evidence of cash shortages, but individual branches have not prepared sufficient cash.

Matt Daly, director of the corporate municipal team at investment management company Conning, said: “The bank’s financial situation is better than the 2008 financial crisis, with well-established regulations and liquidity. This crisis is different from 2008, and that was the whole There is a problem with the financial system, but it is not. “

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Outbreaks are more dangerous than putting money in banks
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