If Banks Took Your Money and Ran (Like This)…

Many take their banks for granted, never considering they could close unexpectedly.  Are you prepared for what happens if your bank closes?

May 17, 2019

banks close

Imagine if you woke up, got a steaming cup of coffee, and went to your computer. You open up your online banking portal to transfer funds and get the following message…

“Sorry, we cannot process your transaction at this time. Please try again later.”

No big deal right? Computers have issues, at least that’s what could be happening.

So you try again a few minutes later. Same result. Another hour passes, you try again, only to get the same result. Your money is effectively being held hostage by your own banking institution. The same one you trusted to keep your money safe.

But nine hours later, you still can’t transfer money between accounts, wire money, or pay any bills.

Now quit imagining, because this actually happened at Wells Fargo, and it’s not the first time. The Charlotte Observer reported the most recent occurrence:

Wells [Fargo], which houses its largest employment hub in Charlotte, apologized on Twitter to customers who had experienced problems making payments and transfers. The San Francisco-based bank did not disclose to a reporter what had caused the problem.

The bank reported at least 3 other instances this year so far, according to the article. All happened on a Thursday or Friday close to paydays.

In another Wells Fargo instance, bank cards wouldn’t work for some customers during a “funds hostage event” that lasted for up to five days:

The bank’s homepage went down, and some customers reported that cards were being declined as well. At the time, the bank said the problems arose from a power shutdown at an unnamed facility after smoke was detected during routine maintenance.

Five days later, the bank tweeted that some customers were still having problems with their accounts.

Just six days before that, according to the Observer, some customers couldn’t pay bills during another bank outage.

Wells Fargo’s former CEO abruptly left the bank because “too much focus was on him.” I suppose that’s understandable since the bank is plagued by glitches that kick homeowners to the streets, investigations, and has been fined billions.

As frustrating as Wells Fargo may be to deal with, a look at the FDIC’s “failed banks” list reveals 555 times where a bank closed.

Twenty-Nine Bank Closures Per Year… Is Yours Next?

Now imagine if you woke up, got that same cup of coffee, and logged on to your bank’s website… only to find it had closed its doors for good?

In 2007 Metropolitan Savings customers encountered that very horror story. Granted, in the U.S. the FDIC does insure deposits up to $100,000. Alleghany Bank took over in a couple of days, but then the horror continued for 70 former Metro bank customers…

… some 70 unlucky customers had balances over the FDIC insurance limit at the failed bank. They will become creditors to the failed bank. The FDIC will sell off the failed bank’s assets and pay them from the proceeds. That process can take years.

So if you were fortunate enough to have $150,000 deposited at the failed bank, you would have gotten $100,000 of it fairly quickly. But the remaining $50,000? Tied up in red tape for months.

According to the FDIC there have been about 29 bank failures per year since 2000, on average. (555 total failures since October 1, 2000). This includes Washington Mutual, and other “bigger” banks.

Yours could be next. And according to the FDIC, you could be without your money for a few days or more if your bank fails.

Nothing is “safe,” and that includes your savings. So you need to diversify now so you don’t lose your shirt when the next banks close.

How to Keep Your Options (and Exits) Open

Today, it’s more important than ever to have an offshore bank account and be able to leave the U.S. and set up shop in a foreign country. It’s alsocritical that you protect and grow your wealth.

So I’d like to show you how to do both.

As you probably know, I’ve been living the life of a “digital nomad” since 2001. And during that time, I’ve learned dozens of extremely valuable lessons about how to keep your options open and maximize your freedom.

I created GWP Insiders to share those lessons.

In fact, I recently updated the entire membership area and I’m relaunching it as GWP Insiders 3.0. And, for a limited time, you can save 70% on membership.

Why should you seriously consider this?

GWP Insiders is a complete roadmap of internationalization strategies for location independent entrepreneurs and investors looking for answers to tax, residency, wealth, and lifestyle questions.

Bottom line, we believe in REAL freedom. Freedom to keep the money you earned.  Freedom to travel where you want, when you want…

Freedom to be private and secure in your business affairs and day to day life.

When you become a member of GWP Insiders, you’ll have access to some of the most valuable and closely guarded secrets the wealthy use to protect and grow their wealth. For example, you’ll discover:

  • The biggest tax haven in the world (most NEVER get this right).
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And much, much more.

Right now, you can save 70% on your GWP Insiders 3.0 membership. But please hurry because this offer won’t last much longer.

To living privately,

Bobby Casey

Location Independent Entrepreneur

P.S. Don’t get complacent and assume your bank will stay in business. You need to be prepared for a “Closed for Business” sign on the door. Become a GWP Insiders member today and learn the strategies for diversification offshore while keeping your options (and exits) open…Become an Insider Today (Save 70%)

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