Heard a banker say 'don't keep all your money at one bank' and it clicked

Was getting my car fixed last week and overheard this older guy talking to the mechanic about how he splits his savings across three different banks. Said he learned that after 2008 when his main bank had issues and his direct deposit got stuck for almost a week. Made me think. I've got everything at one credit union. If something goes wrong with their system, I'm stuck with no access. Started looking into opening a second account today at a different place. Anyone else spread their money around or am I overthinking this?

2 comments

2 Comments

jason_robinson11d ago

Overthinking it. One credit union is fine unless you're sitting on millions.

joseph44811d ago

Yeah, my uncle had one credit union and still lost his shirt in 2008.