While few of us were alive to remember the run on the banks during the Great Depression, most of us have heard the tales, and can imagine the terror and panic that ensued when there was not enough money to go around.  FDIC insurance is supposed to prevent that from ever happening again, but with the roller coaster we call an economy today, I sometimes wonder if keeping all of my money in the bank is a sound idea.

Many families today, ours included, do not have a substantial savings and rely heavily on each paycheck we receive.  What little savings we do have is not going to get us far, but without it we would be completely devastated.  The thought of being unable to pay the rent, feed the kids or keep the power on because a shady bank ate all my savings is enough to keep me awake at night.

What is the alternative, though?  Money is really not safe anywhere, and most certainly not at home under a mattress.  Too many things can happen such as fire, theft or a natural disaster.

So what is a money-conscious saver to do?  We cannot keep our money in cash or gold at home, but banks do not seem to be as safe as we once thought.  My own bank failed without any warning at all, and although another bank was quick to snatch it up, what would have happened if we had to rely on an insurance payout from FDIC?  Those probably don't take place as quickly as we need our money.

I don't have an answer to this, but perhaps taking advantage of savings accounts in multiple, unrelated banks would be the safety cushion so many of us need.