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How Safe Are Your Funds with Banks or FinTechs?

Most people think banks store their money safely, like a vault with their name on it - but this cannot be further from the truth!

In reality, that money becomes part of the bank’s pool, used to issue loans or fuel businesses even overseas, meaning your deposit is actually at risk the moment it enters the system.


But will you be safer to keep your money with a fintech instead of a bank? Or did you know that even if you have a direct contract with a bank or a fintech provider, your funds may be used by a completely different institution you’ve never heard of? How can you get ready if just one of those counterparties of your bank fails, and all of a sudden your money is frozen, lost, or delayed without warning?


Our current financial system is running on a fragile patchwork of rules, regulator oversight, and bank guarantees, which doesn’t even apply if your funds sit with certain providers.


 
 
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