How to be sure that my money is safe?
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andras
Apprentice
Joined: 15 Feb 2006
Posts: 4
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 Posted: 07/12/08 - 06:46 Post subject: |
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| Good morning everybody. My name is Donovan and I would appreciate if you could tell me something about banking. I would like to open a savings account and put significant amount of money on it. However, I was always a bit skeptical when banks are about. Now, how to be sure that my money is safe? |
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man
Apprentice
Joined: 02 Feb 2006
Posts: 5
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| Posted: 08/11/08 - 02:38 Post subject: |
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| Hello Donovan. In my opinion, there is nothing to worry about. If you put your money on some savings account it is perfectly safe. Although banks invest their deposits and, as you probably know, every investment is risky to some degree, there are plenty of mechanisms that will prevent bank from loosing your money. First of all, their investments are very diversified and well estimated that some great losses are not likely to happen. Second thing, banks keep reserves in order to cover their deposits if something unexpectedly happen. So, you can be perfectly calm about your money if it’s in the bank. Good bye! |
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