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USA: The financial meltdown is beginning. (www.nbcnews.com)

submitted 4 months ago by shortwavesurfer@monero.town to c/personalfinance@lemmy.ml

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They are keeping this quiet, but this affects 2.9% of US bank customers.

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[–] OldWoodFrame@lemm.ee 4 points 4 months ago (1 children)

It's not "the beginning of a meltdown" because everybody still owns all their money and no bank is failing. There's a customer service issue for users of a non-bank service. That is part of the risk you take when you're putting money in a non-bank.

It sucks for the users obviously but like where would a contagion even begin? This is already the largest BaaS middleman. This is as big as this issue gets.

[–] shortwavesurfer@monero.town -1 points 4 months ago

This may be as big as this particular issue gets, sure. But we had bank failures last year, which resulted in nobody losing access to their money for any period of time. Then this year, we've had 3% of people lose access to their money for two weeks. What will it be next? From what I understand there are 61 or 63 banks on the FDIC's list of problem banks which is a very good indication that they are likely to fail.