Bank Levy “Did You Know?”

As the global economy continues to enfold, we have more insight to our possible future by observing the latest development in Cypress. Passed in the cover of darkness (aka on a weekend, holiday schedule), Cypress banks’ customers awoke to find that their cash was invaded, and restrictions applied to all withdrawals.

Well folks, I encourage you to contact the FDIC and ask them what happens to your bank deposits if such an event takes place in the good ole USA. The FDIC insures against bank failure, but not against any tax or “levy” instituted by your government.

Another reason to diversify liquid assets, hold cash reserves outside the banks, and be vigilant as your elected officials craft laws that increasingly erode your presumed rights.