FDIC Finds Need to Market Advertisements Against Bank Runs
In the video, Chairman Jelena McWilliams emphasizes that hoarding cash in mattresses “didn’t pan out well for so many people.” The video is intended to discourage a bank run. ...
FDIC’s anti-bank run ad comes at a time when the Federal Reserve’s reserve requirement ratios dropped to zero in two days. On Mar. 15, the Fed announced:
“the Board reduced reserve requirement ratios to zero percent effective March 26, 2020. This action eliminated reserve requirements for all depository institutions.” …
In this time when financial institutions are scrambling for liquidity, it’s interesting that the FDIC released an ad that discourages people from withdrawing their money. …
the FDIC has reserves to cover 2% default on deposits. …
many see the video as a sign to immediately head to the banks. ...
One pseudonymous account named ‘wash your hands’ said something very troubling. He replied that banks won’t allow him to withdraw over $3,000 of his own money. …
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