In the world of banking, safety is the name of the game. Whether it’s a large or small bank, everyone wants to make sure their deposits are protected at all costs.
That’s why U.S. Treasury Secretary Janet Yellen recently announced that the U.S. government would back all deposits at smaller banks if the need arises in order to prevent any potential contagion. While this news is certainly reassuring for small bank depositors, the rest of us can take comfort knowing that our deposits are safe, too.
No Need to Panic
It’s important to keep in mind that this is just a precautionary measure and a bit of peace of mind in an unpredictable market. There’s no need to start a “bank run” anytime soon as Yellen has clarified that the U.S. government’s backing of deposits at smaller banks is only in the case that it’s absolutely necessary.
Yellen’s announcement shows that she is looking out for the financial safety and security of all of us and the banking sector. While the news might not be a reason to break out the party hats and confetti, we can all be thankful for the extra security that it brings for us and for smaller banks.
Here are a few of the ways we can show our appreciation for Yellen’s foresight:
- Tip our ATM attendants – these hardworking people keep our money safe and secure. Why not show them some love and toss a few extra dollars their way?
- Spread the word – share this article with your friends and family to let them know about the extra security Yellen has put in place.
- Pay it forward – if you’re feeling generous, what better way to show appreciation than by helping out your local community with a donation or a kind deed?
So, thank you, Yellen, for looking out for us! We’re confident that our deposits are safe, and that’s something to be thankful for.
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