Diversity banks, keep statements in secure backups to prove funds ownership, and drain the account at the first sign of trouble. Standard risk mitigation.It could happen even if the money is in the one bank, if the banks records are corrupted. What are you going to do about that situation?Schwab is nothing like Yotta/Synapse.OP, I think you are getting a bit too much assurance in this thread. Sure, there is FDIC, etc. But if Schwab had major problems it might take significant time to get your money. Have a look at Yotta, FDIC isn't everything. Best advice is to diversify institutions.
If Schwab fails who is next? Chase? There is no suggestion of customer funds are in any peril. Schwab is doing financial engineering. I don't like it but nothing I can do.
It doesn't have to be the same for it to have a similar outcome. We learned that a guarantee of funds in a bank is separate from actually having access to the funds from Yotta, no reason any other institution couldn't experience a similar situation.
I don't have a crystal ball for that.
Of course there never is a suggestion that funds are in danger until it happens.
Statistics: Posted by rogue_economist — Wed Jul 17, 2024 11:09 am — Replies 44 — Views 2913