Until recently, it was true that money in a bank account was the responsibility of the bank which is then backed by the FDIC (all banks and CU 's are btw) which guarantee's all depositors' accounts up to a certain amount. I say recently because in 2014 under the Obama administration a new law governing banks was introduced as part of the Dodd-Frank Bill which, ostensibly was meant to "fix" the banking problem that had caused the 2008 Lehman-inspired melt down.
The new banking provision sure fixed the problem alright, prior to 2014 banks who messed up would have been "bailed out" meaning "made solvent using taxpayer money". Now banks can be made solvent through "bail-ins" which means "made solvent by taking depositors' money" - Yes, you read that correctly.
As it stands now, any money you have deposited in the bank (any bank) belongs to the bank. Your money then becomes an obligation (like a debt) to the bank which means, if they go under, you are an unsecured creditor.
As a lender I can tell you legally speaking that the person who comes to the branch office to fill the vending machines will get paid before the unsecured creditors.
If that surprises you then you haven't been paying attention. There is an overt movement to move to digital currencies similar to Bitcoin but completely under the control of the state which are issued by central banks like the Federal Reserve - a "digital dollar" if you will.
Because allowing the Fed to print money out of thin air has worked so well the last century we're just gonna give them their new digital currency and absolute control over money, ok?
"In just 25.5 months into mid-April 2022, the Fed foolishly ballooned its balance sheet by a truly ludicrous 115.6% or $4,807b! That effectively more than doubled the global US dollar supply in just a couple years. That radically-unprecedented deluge of new money conjured out of thin air started chasing and bidding up the prices on far-slower-growing goods and services. The Fed’s profligacy directly fueled today’s raging inflation."
Make no mistake, this is happening and it's happening fast. The Global bankers need digital currencies that THEY control as soon as humanly possible because soon, the already established non-bank digital currencies like Bitcoin & Etherium will serve as real alternatives to their weakening fiat-currency system. Bankers are already losing control over the movement of money and services which were once their exclusive domain and huge money-makers for them like cash transfers are now offered free to anyone with a phone. As their control over which forms of currency are used by people globally deteriorates, they will get desperate and demand the state intervene to ensure their viability.
Already we're seeing signs of desperation which will result in even more of what they're trying to fix:
"The main reason the USDX skyrocketed was the most extreme tightening ever attempted by the Fed. In its past five FOMC meetings starting in mid-March, Fed officials have hiked their federal-funds rate by 25 basis points, 50bp, then three monster 75bp hikes in a row! Early May’s 50bp was the biggest FFR hike since May 2000, while mid-June’s initial 75bp was the largest since November 1994. This is a violent hiking cycle."
Meanwhile all we get is happy talk from POTUS:
"We're not anywhere near a recession right now, in terms of the growth," Biden said at the White House the day after the midterm elections. "I think we can have what most economists call a soft landing, and I'm convinced that we're going to be able to gradually bring down prices so that they, in fact, end up with us not having to move into recession."
The fact is there have already been enough signs that banks are no longer the "safe havens" we once thought them to be. In many jurisdictions banks are even being enlisted to punish citizens accused of "wrong-think" by freezing their accounts like they did in Canada for anyone supporting the Truckers. Also in Brazil where they are freezing bank accounts of anyone accused of supporting protesters.
Right now the best option is to have multiple options to protect your wealth and it's purchasing power. Don't keep everything in the bank, consider precious metals for amounts you won't use right away because it retains it's value more than paper currency, so does property.
"Gold is money, everything else is credit" - JP Morgan