I've seen things and have had things happen to me to never, ever, put all of my money in any one brokerage, bank, credit card, ATM, etc.
When I grew up I had a relative have some money locked up in a savings and loan for over a year. He did get it all back but still I recall it. I've had credit cards suspended/blocked when they thought fraud occurred but I've always had multiple cards so instead of a major annoyance it was nothing. I once had an issue with WF where their online bill payment system ran crazy and caused peoples' accounts to zero and declined their ATM card.
I'm not really concerned with losing money at a brokerage but I can definitely see situations where you could have trouble accessing it for a period of time so I have 2 main brokerages, my TSP account (which I'm likely to get rid of at some point), and a couple of credit unions in case I need to do something face to face with a bank.
Maybe if I had more assets I would consider a 3rd but I don't think so. Simplicity is great until something happens.
When I grew up I had a relative have some money locked up in a savings and loan for over a year. He did get it all back but still I recall it. I've had credit cards suspended/blocked when they thought fraud occurred but I've always had multiple cards so instead of a major annoyance it was nothing. I once had an issue with WF where their online bill payment system ran crazy and caused peoples' accounts to zero and declined their ATM card.
I'm not really concerned with losing money at a brokerage but I can definitely see situations where you could have trouble accessing it for a period of time so I have 2 main brokerages, my TSP account (which I'm likely to get rid of at some point), and a couple of credit unions in case I need to do something face to face with a bank.
Maybe if I had more assets I would consider a 3rd but I don't think so. Simplicity is great until something happens.
Statistics: Posted by rich126 — Wed Jan 28, 2026 12:30 pm — Replies 51 — Views 5985