What do you mean my bank can fail? Yes, even the well-trained managers at your seemingly secure bank can make poor business decisions. Plenty of people thought it was impossible, but banks do make mistakes – like the numerous bad loans that eventually crushed major financial institutions in the past few years.
If you weren’t around for the savings and loan crisis and the scandals of the 1980s and 1990s, the recent vulnerability of banks might have been an unwelcome surprise. If your bank is in trouble, don’t panic. As with any extreme situation, overreacting just makes things worse. Stay calm, get your wits about you, and think about these smart next steps. You’ll stay on track, even if your bank is falling apart.