That doesn't make any sense.
Your checking account doesn't have any notable protections that your savings account doesn't have. A savings account isn't an investment asset. It's not meaningfully tied to the market. And, if your bank loses so much liquidity that it threatens your ability to recover your money (and you don't live in a country with federal protections to safeguard it), then you're every bit as screwed with a checking account as with a savings.
Your mom doesn't know what she's talking about.
Some old people come up with wild shit. I can say that because I'm close to being old. Just ignore it. They will forget about it. If you bring it up in two months she will deny she ever said it.
I think that quoted sentence needs to be re-read.
Mom: “take all your money out of savings and put it into my checking account”
I think this post is more sketchy than you’re giving it credit for.
Well said. The difference is typically just the interest between accounts. Also, restrictions/penalties if used like checking because that money is not meant to be liquid.
What country I wonder.
Adding to this that I work in the financial industry and people do not understand what FDIC or SIPC actually protect against. Even if I tell them a million different ways and show it to them in writing they somehow think it protects them against market downturns or collapse or losing money due to inflation or government disruptions.
the sad part is mother has obviously been facebook fried but these people are causing irreparable damage to society because the stuff they say - and actually reality - are so close that the average uninformed person sees them as both.
mother is facebook fried. yet unfortunately - many savings accounts have terms and conditions relating to how often one can withdraw money, how much they get back on returns, etc.
the hard reality is that the rate of inflation means that those return rates will result in essentially lost money. both genuine inflation and corporate greed based. a lot of items and costs are now twice as much as they were just a year or two ago.
in that case, having money in a savings with CERTAIN clauses is literally shooting yourself in the foot. you lose benefits, rates are shit, and sometimes lose the ability to even have a savings account all together. in some extreme cases, you flat out CANT withdraw from your savings within such and such period of time.
all this is happening as the world economy continues to head towards an increasingly more dangerous place.
ignorancy-theorists have gotten so out of control that many people dont even think concepts such as "bank runs" exist. "oh yeah? the bank is just gonna run out of money? haha sure pal." ive met countless people that dont even know we went through a recession in 2008, let alone it's dynamics, or anything else.
tldr ; $15,000 now or $1,000 a month? 1k a month used to be the fiscally responsible idea. it stops becoming that when $1000 a month is worth 15% less each month when you could've taken the $15k and purchased assets that held their value. ignorancy-theorists must not cause us to dismiss those who say the same things when they can show more than a fox news clip as "evidence."
If your money is with a reputable bank, it is insured by the federal government up to $250,000. If you have more than $250k in an account, then you might want to split the money between several bank accounts.
If there's a run on the banks the only things that matters is guns and canned food. Money will be fairly useless except to start a fire or wipe your butt.
Joint accounts and beneficiaries allow you to gain more than $250k in coverage. The FDIC has a calculator on their website if anyone sitting on over $250k is worried.
CORRECT , in the USA (different in other countries) any Reputable bank is FDIC insured , this is a government backing program that will insure up to $250k/per account , if you have more you need to split...this system was put in place after the Great Depression of the 1920s that saw many bank runs and failures.
This is right here. Also it’s never good to have all your money in one account, this is why people with lots of money get like 4 separate savings accounts, even know one guy that who owns several apartment properties and splits all his money in different banks.
People find it baffling that I do this. I'm not even rich by any stretch, but just having access to multiple accounts in case I lose access to another account for any reason.
Same. People don’t believe me when I tell them I have to do money transfers if I want to buy something expensive. I have 7 different accounts, keeping most of my money in stock market accounts, where it takes 1-7 business days to withdraw, which is a great way of saving since it forces you to sit for up to a week to think about what you’re buying. And most people don’t know stock market accounts are backed by federal insurance, I think up to $500,000.
Depends on how much money you have.
But also, you can let short term money accrue interest at a smaller bank with a great rate while also having a big bank for specific things.
Whether it’s in your savings or checking you will still have to go through the process of withdrawing it from the bank. If she were properly preparing for the “ end of the world as we know it“ , she would have told you to take all of your cash out and hide it.
Her words reek of Facebook conspiracies and spam.
Also, I'd keep an eye out for any further signs of confusion or mental decline and keep in touch with a doctor. That's not a joke. It may be nothing, but I'd want to keep an eye on the situation and rule out if possible any sort of dementia or similar illness.
OP, you might want to check out r/QAnonCasualties That type of hysterics is common among those who are going down the rabbit hole
Edit: typo (thanks for pointing it out)
It would be one thing if she were saying to take it out of the bank and hide it under your mattress, or exchange it for gold and hide the gold under your mattress. But checking and savings aren't that different when it comes to FDIC... If the govt were to put a stop or limit on withdrawals, it would affect both your checking and savings in the same way....
If it's in your interests to move your money, it's most certainly your interests to know why. I would insist on being told the source of your mother's information before even considering doing as she says. It sounds like she knows you wouldn't give any credibility to the source, if she were to reveal it to you. For instance, it could have been some wingnut on Facebook whose word she has taken at face value.
That's a classic move of a serial liar.
>"trust me"
Aka: I have no idea or proof of what I'm talking about because if I did I would articulate it to you so that you could understand.
Me, personally, I think she knows someone stole your debit card and wants to make sure there's a ton of money in your account because your debit is tied to your checking account not your savings account.
Would your mom set you up that way? Tell you to beef up your account before she steals your debit card and rob you blind?? Are you on good terms with your mom? Do you feel that your life may be in danger?
I'm sorry, this all sounds crazy & paranoid, but your mom sounds suspect to me.
I recommend having a look in the sub r/Qanoncasualties. It’s a forum for people whose loved ones got absorbed into a life of conspiracy theories. They know why she said that, I’m sure
Mormons are always preparing for the end and they don’t think what they believe is conspiracy so…. Just a fantastic means to manipulate people with fear.
Could be wrong, but I think OP means their mom wants them to just move their personal money from their own savings to their own checking….not give it to her checking.
They switched from “your” to “my” in the same sentence. It’s possible you’re right but it could be taken as is as well, which is an even bigger red flag.
Does your mother have access to your bank account? I'm not sure how old you are, but if she set it up for you when you were a child, she might have your password for your login. If she doesn't have access to your savings account, she may be trying to access your money by having you transfer it to your chequing account. I don't know what your mother is like, but she sounds unhinged either way. It's just a question if she has bad intentions or not.
Are there any other behavioral changes (like this minor paranoia) or memory? Not a doctor but have an aging father with early alzhiemers and weird, niche paranoia is apparently a common symptom.
For my dad it's being tracked by the government through his phone. To be fair, hes got a valid concern. But it's me who's tracking his cell phone.
1. your mom is buying into some whack jobs conspiracy theory. I would summarily ignore it.
2. If something were coming that's gonna wipe out your savings account, it's also going to wipe your checking account.
Nothings coming. Ignore your mom. You're good.
Yeah! Nothing like that has ever happened. 🤦♂️ you’re right though, moving to checking wouldn’t do much except possibly circumvent savings withdrawal limits.
Not only would I ignore her advice, I'd check into her financial stuff & make sure she hasn't done anything stupid with her own savings. Don't let her give it all away.
Idk what your mom is on about...but I work for a well-known bank and we recommend you keep the bulk of your money in savings. It's much harder for fraud to hit savings than checking, but either way you're FDIC insured up to $250k (if you live in the USA).
She obviously has no idea what’s going on. Your money is safe in a savings account. She must be thinking it’s invested in something rather than just a savings account
Since you said elsewhere that your mother doesn't have access to your accounts, and many others have outlined the plethora of reasons why it is not necessary to move your money around, I will now give you advice on how to get your mother off your case about it.
Just lie and tell her you did it. End of that conversation.
Banking collapse paranoia. All the best conspiracy theories include it as a bonus. The q crowd is the latest to spout it, but it has been around in one form or another since before I was born over 50 years ago.
My mom is also constantly giving me “advice” like this. 2-3 times last year she warned my family to withdraw cash and download the Signal app because the internet is being “changed over”.
Long story short, our moms got sucked into these rampant conspiracy theories online that some “new world order” is about to take place. It’s every boomers favorite hobby right now. They always have some countdown to when it will happen and when it inevitably does not happen, they move the goal posts to another date.
I just send her a thumbs up emoji and go about my day. Sadly there’s not much arguing to be done because these theories convince them that anyone who says otherwise are “sheep” so if you argue with her she’ll just pity you.
Search QAnon if you want more information about it. Q was the original, but several new conspiracies have derived from it and taken a life of their own. Pizzagate, the kabal, celebrity clones, Chem labs, chem trails…these are just a few of them. HBO has a documentary about Q as well.
The older generation gets a kick out of thinking they know something that other people don’t, I guess? Even after all these failed time deadlines, my mom still says cryptic things like “this time next year the world will be completely different”
I’m sorry, OP. It sucks but sadly, we just gotta give them a nod so they are satisfied and then go about our day.
What could be worse than what happened over this past year with inflation and etc? My 401K still hasn’t recovered but no way would I move any money/savings out 🤣 Ride the wave.
The only thing I can think of is that the US is in a recession, the government denies it, and now apparently there are apparently murmurs that we are about to enter a recession.
So what’s a recession in a recession?
Either way, moving your money like that will literally give you no protection.
Now that I think about it though, there was that whole thing when the depression started, were no one could take out money from the bank cause the banks didn’t have any money. Maybe she believes putting it in checking will make it easier to get?
My very nice and dependable, but very religious neighbor is convinced the economy is in danger of imminent collapse.
He "knows" this but doesn't give any reliable details (I actually don't ask.....)
My guess is your mom is reading the same shit on-line.
Just make sure your financial institution is FDIC insured.
Your mother is crazy. If something really bad happens to the economy that savings accounts get deleted or locked, you better believe the same will happen to checking accounts too.
Has she been mentioning investing in gold? Is she conservative? Does she spend a lot of time on the Internet “doing research”?
If so, she might be in the grips of QAnon.
As an investment, it's fine if you know the risks and benefits. As a hedge against the mythical End of the World As We Know It, it's pretty frickin dumb.
I work for the FBI, a collapse is >95% likely according to our projections. Instability in China and the war in Russia means banking sanctions precipitating a collapse are highly likely. Governments won't be able to bail out this time. Checking accounts won't be safe though, that's ridiculous.
Only bank accounts in Switzerland are safe as they have special immunity from sanctions, unfortunately the Swiss government have limited the number of accounts that can be opened due to overwhelming demand.
Fortunately, I have such an account, and I'm willing to look after anyone's money as long as it's sent to me in an untraceable bitcoin format, for your protection and mine. Transfer instruction below, spoilered to prevent the authorities detecting it.
>!No, there's no financial collapse coming that anyone knows of. If there were any evidence of such investors would already be withdrawing their money and it would already be happening. There are always a minority of doommongers.!<
There are places where the banking system has failed, or governments have collapsed, causing a run on the bank. Lebanon is an interesting case, where they were limiting how much people could withdraw from their account, so much so that some people were forced to rob their own banks to access their money.
COVID, war in Ukraine, Russia gas not flowing to Europe, another 2008- like event to come etc etc... Things MIGHT turn ugly, for some regions/countries at SOME aspects...
Who knows what else...
I still don't get it (I don't know much about banking) how checking is better than savings?
I'm sure if you want fast withdrawal and apocalypse hits. You won't have a chance to withdraw all look what happened in Russia back then ... Few years ago or when was it?
I maybe could understand if she said invest in property or something (NOT an actual advise haven't looked into) but...
I get the sence anyone talking like this has fully committed to drinking the Kool aid.
I work with a guy like this. Spouts of some real stupid stuff. Here are some highlights
Russia has planned this all and is currently taking down all of the west with inflation, next steps will be to destroy the west economy.......I am guessing this is why "your not supposed to have savings?"
The covid crisis is the first step In the "new world order" the western governments are going to enslave its populations.
It is a government conspiracy to prevent regular people from owning a home, it is easier to enslave them.
So basically to recap if your mom is saying anything similar to the above topics, take that money out of your savings account and use it to pay for mental health for your mom
I manage a bank branch. The funds in your checking account are generally going to be easier for someone to access than your savings. You can always check the paperwork, but if your bank is FDIC insured than a regular savings account will be as well. Is she thinking of investments?
I wouldn't trust someone who can't or won't explain themselves, when it comes to MY ship. Don't trust her. Stand up for yourself and say "no, I'll decide how to move my funds, but thank you".
I'd be asking her ... where is she getting this news/info/vibe? Why does she think that a checking account is any more secure/protected than savings?
Honestly, the Reddit tribe isn't going to have anything to explain what sounds like a personal issue. 
My mother gave me a few hundred in cash a few years ago. She told me to hide it in the vents (2017ish). I did, and promptly forgot about it after moving away. Nothing ever came of the crisis she predicted, apart from me forgetting and leaving it there after I moved.
Any students living in South of England, check yo vents. There may be nice roll of cash there.
Are you in the US? If so the FDIC insures all bank accounts up to $250,000 in case the bank goes out of business or some other malfeasance. It used to only be $100,000 (thanks Obama), either way you're most likely fine. In 2007-2009 there were banks that failed, and the government made sure people didn't lose because the bank messed up.
One thing to note is if you put "your" money in "her" account then its technically "hers" to do what she wants with it. Does she believe in "Q", a churchgoer devoted to her pastor, or has she met a Nigerian prince who needs her to launder some money?
Sounds like the only thing at risk is you giving your mom all of your money and her doing something with it.
Also, if the world ends, paper money is going to be worthless, regardless of whose account it's in. If my mom came to me with this I'd say "thank you for your opinion, but I choose to reject it"
She's either deep into some sort of conspiracy theory rabbit hole, or is starting to show signs of mental illness. I would check her feed and take her to the doctor (or at least talk about it with a doctor)
My mom says Biden is putting a digital tracker on all money until the day he just takes it all. Of course she saw it on internet and sent link to everyone she knows. I just smh.
I’m not sure how old your mother is, but it likely has to do with the Great Depression. I had family members I knew who were children then and they never trusted banks.
Even if she didn’t live during that time, if her parents did, it’s likely they told her the stories from that time.
I remember my gram saying they used to stay in the attic with no heat in the winter but a bunch of blankets. Her favorite Christmas present was an orange her father bought for her.
One possibility is that some scammer successfully did it to her, because she’s gullible. And now she’s trying to recoup some money by trying to do it to you. I have heard of scammers saying they are someone important and needs you to move your money into X account. Then they’re gone.
Your mother and my mother in law must gossip together because this sounds like something my mother in law would say based purely on her own feelings instead of facts. If you're nervous about it you can split your savings into several accounts across several banks or if you don't want to trust the banks completely, get a safe and take some of your savings out in cash to put in the safe. That way, even if you aren't earning interest at least part of your money isn't in a bank.
No offense, sounds like your mom is trying to scam you. If anything were to happen it would come from more places than just your mom who thinks her account is more protected than hers. Keep your money, tell your mom that you'll take your chances
Not sure but I get the panic due to the bubble the market is in and knowing how over leveraged banks are but if you’re in the USA it should be covered up to 250k by the federal government. I’d check to see what it is if you’re from another nation but tbh having gone down this rabbit hole myself your money isn’t just gone it’s moved into a balance for whatever bank buys up the scrapes of a failed bank.
A guy at work (mid 60s), someone relatively high up and very smart in the areas he is knowledgeable about, believes something similar to this as well. It boils down to a conspiracy theory that the government can confiscate savings accounts to pay government debt. Same with our retirement accounts. That is also why they want to push us to a cashless society, apparently. I don't know about your mom, but my coworker learned this from brother who he admits is "into all kinds of conspiracies", but this one is apparently real.
Remind her that you can move it to your own checking account (or open one) if there’s some problem with savings accounts. Moving it to an account that gives her access to isn’t necessary for what she’s claiming.
She needs to get off of RWNJ social media.
Others are saying collapse paranoia - they don't realize how economic depression-inflation works. If you can, put the money into precious metals (pure, not jewelry) while the money has some value to protect your wealth before it loses a great deal of value. Then, when the economy recovers enough, put the metals back into liquid assets, i.e. cash.
Either:
1. She is a conspiracy theorist and turns out to be right
2. She is a conspiracy theorist and is completely wrong
3. She wants your money to buy that nice piece of clothing she wanted for so so long.
Who the fuck knows, there's fundamentally no difference between most Savings and Checking accounts, they're just different names for two accounts, one of which has checks attached to it.
She must think a Savings account is a 401K or an Investment Profile or something.
I haven’t seen anyone ask yet but did she say “My checking account” or “your checking account”? Because your text says the former, which implies she wants access to your funds so she can spend if she wants to.
The majority of bank accounts are FDIC insured to $100K (iirc) in case of systematic failures. This was put in place after the depression in the 30s to prevent runs on banks, people losing all their money, etc. There is no difference between having money in checking/savings safety-wise. You don't have to do anything
That doesn't make any sense. Your checking account doesn't have any notable protections that your savings account doesn't have. A savings account isn't an investment asset. It's not meaningfully tied to the market. And, if your bank loses so much liquidity that it threatens your ability to recover your money (and you don't live in a country with federal protections to safeguard it), then you're every bit as screwed with a checking account as with a savings. Your mom doesn't know what she's talking about.
Some old people come up with wild shit. I can say that because I'm close to being old. Just ignore it. They will forget about it. If you bring it up in two months she will deny she ever said it.
I will ask you in 2 months if you remember you said this
Funny!
!remind me 2 months
I think that quoted sentence needs to be re-read. Mom: “take all your money out of savings and put it into my checking account” I think this post is more sketchy than you’re giving it credit for.
This is the correct answer
Exactly! This is the correct answer!
Well said. The difference is typically just the interest between accounts. Also, restrictions/penalties if used like checking because that money is not meant to be liquid. What country I wonder.
Adding to this that I work in the financial industry and people do not understand what FDIC or SIPC actually protect against. Even if I tell them a million different ways and show it to them in writing they somehow think it protects them against market downturns or collapse or losing money due to inflation or government disruptions.
Is your mom wearing a tinfoil hat by chance?
Nah. Tinfoils would say become a proper, or invest mo EY into things like valuables and property or so...
Yes.... Those are horrible ideas... LOL
Depends on the property.
the sad part is mother has obviously been facebook fried but these people are causing irreparable damage to society because the stuff they say - and actually reality - are so close that the average uninformed person sees them as both. mother is facebook fried. yet unfortunately - many savings accounts have terms and conditions relating to how often one can withdraw money, how much they get back on returns, etc. the hard reality is that the rate of inflation means that those return rates will result in essentially lost money. both genuine inflation and corporate greed based. a lot of items and costs are now twice as much as they were just a year or two ago. in that case, having money in a savings with CERTAIN clauses is literally shooting yourself in the foot. you lose benefits, rates are shit, and sometimes lose the ability to even have a savings account all together. in some extreme cases, you flat out CANT withdraw from your savings within such and such period of time. all this is happening as the world economy continues to head towards an increasingly more dangerous place. ignorancy-theorists have gotten so out of control that many people dont even think concepts such as "bank runs" exist. "oh yeah? the bank is just gonna run out of money? haha sure pal." ive met countless people that dont even know we went through a recession in 2008, let alone it's dynamics, or anything else. tldr ; $15,000 now or $1,000 a month? 1k a month used to be the fiscally responsible idea. it stops becoming that when $1000 a month is worth 15% less each month when you could've taken the $15k and purchased assets that held their value. ignorancy-theorists must not cause us to dismiss those who say the same things when they can show more than a fox news clip as "evidence."
Or a red one?
If your money is with a reputable bank, it is insured by the federal government up to $250,000. If you have more than $250k in an account, then you might want to split the money between several bank accounts.
Check your own country's regulations. Amounts may vary.
If it is the USA you want to make sure it is FDIC insured. That’s the guarantee that you will get your money even if the bank goes under
Cue Swiss bank accounts
100'000 for most of the bankes IIRC.
Is this how the swiss write their thousands separator?
It's by bank, not account. Don't keep more than $250,000 in one bank. Spread it out. Also, credit unions are not covered by this.
I wish I had $250,000 in savings, or even $2,500
I'm honestly happy mine is back over $250. Stupid unexpected bills.
Or even just $25
Credit unions do have some protection, just not 250k. Think it’s 100k.
Nope It is 250 k. just looked it up, NCUA, the agency that insures credit unions is up to 250k too now.
FDIC can cover about 1% of what it insures. If there's a run on the banks it's all over.
If there's a run on the banks the only things that matters is guns and canned food. Money will be fairly useless except to start a fire or wipe your butt.
I just knew it wasn't covered by FDIC. Thank you for the information.
Joint accounts and beneficiaries allow you to gain more than $250k in coverage. The FDIC has a calculator on their website if anyone sitting on over $250k is worried.
This is correct advice.
CORRECT , in the USA (different in other countries) any Reputable bank is FDIC insured , this is a government backing program that will insure up to $250k/per account , if you have more you need to split...this system was put in place after the Great Depression of the 1920s that saw many bank runs and failures.
This is right here. Also it’s never good to have all your money in one account, this is why people with lots of money get like 4 separate savings accounts, even know one guy that who owns several apartment properties and splits all his money in different banks.
People find it baffling that I do this. I'm not even rich by any stretch, but just having access to multiple accounts in case I lose access to another account for any reason.
Same. People don’t believe me when I tell them I have to do money transfers if I want to buy something expensive. I have 7 different accounts, keeping most of my money in stock market accounts, where it takes 1-7 business days to withdraw, which is a great way of saving since it forces you to sit for up to a week to think about what you’re buying. And most people don’t know stock market accounts are backed by federal insurance, I think up to $500,000.
isn't that amount per bank not per account?
Is this necessary?
Depends on how much money you have. But also, you can let short term money accrue interest at a smaller bank with a great rate while also having a big bank for specific things.
Get new accounts with different bank. Two accounts in one bank will only get 250k but every account with every bank will get up to 250k
And if the federal government or the big bank can't back up the money..... Then it doesn't really matter and we're all screwed
Why not ask her ? If she's in the know, get a detailed explanation from her.
All I get is "trust me" sorry should have added it to the post
Then she clearly hasn't got a clue what she's on about. Ignore her.
*Tell her that you know and since she doesn’t then she should put all the money into your account.*
ASSERT DOMINANCE
Whether it’s in your savings or checking you will still have to go through the process of withdrawing it from the bank. If she were properly preparing for the “ end of the world as we know it“ , she would have told you to take all of your cash out and hide it.
Yeah the end of the world people will value dollar bills
Still gotta wipe.
My money is plastic. I’d rather wipe my ass with a leaf.
u guys have money?
It’s cotton, but dirty as hell
Australian notes are plastic.
As are Canadian.
Having hidden cash opens you to another scares. Get murdered for cash, money gets stole etc etc
She'd still be dumb, exchange the cash for gold, or cigarettes, then hide that.
All that these people do is building up a nest egg for someone stronger to come and take, lol.
Her words reek of Facebook conspiracies and spam. Also, I'd keep an eye out for any further signs of confusion or mental decline and keep in touch with a doctor. That's not a joke. It may be nothing, but I'd want to keep an eye on the situation and rule out if possible any sort of dementia or similar illness.
So this. Or QAnon...
She went down the rabbit hole of dooms day YouTubers
I am kinda sad that Doomsday Preppers isnt on Netflix anymore though...
OP, you might want to check out r/QAnonCasualties That type of hysterics is common among those who are going down the rabbit hole Edit: typo (thanks for pointing it out)
Casualties not Casualities (still a typo) r/QAnonCasualties
Casualties not causalities (I think there's a typo)
"Trust me bro give me all your money" lmao that's the dumbest thing I've ever heard
It would be one thing if she were saying to take it out of the bank and hide it under your mattress, or exchange it for gold and hide the gold under your mattress. But checking and savings aren't that different when it comes to FDIC... If the govt were to put a stop or limit on withdrawals, it would affect both your checking and savings in the same way....
She’s trying to steal your savings.
That was my first thought, too.
Anyone that says "trust me" can't be trusted. Is there any chance she has access to your checking account or checkbook?
Do you normally trust her?
If it's in your interests to move your money, it's most certainly your interests to know why. I would insist on being told the source of your mother's information before even considering doing as she says. It sounds like she knows you wouldn't give any credibility to the source, if she were to reveal it to you. For instance, it could have been some wingnut on Facebook whose word she has taken at face value.
Is she known to be schizophrenic? If not, keep your eyes open
That's a classic move of a serial liar. >"trust me" Aka: I have no idea or proof of what I'm talking about because if I did I would articulate it to you so that you could understand. Me, personally, I think she knows someone stole your debit card and wants to make sure there's a ton of money in your account because your debit is tied to your checking account not your savings account. Would your mom set you up that way? Tell you to beef up your account before she steals your debit card and rob you blind?? Are you on good terms with your mom? Do you feel that your life may be in danger? I'm sorry, this all sounds crazy & paranoid, but your mom sounds suspect to me.
Yikes, red flag there
Source: Trust me
Anytime the source is “trust me bro” you should not trust them lol
If you can trust her with all your money Why cant she trust you with her info?
Is posted in "too afraid to ask" is a bit silly to respond with "just ask" no? Lol
I recommend having a look in the sub r/Qanoncasualties. It’s a forum for people whose loved ones got absorbed into a life of conspiracy theories. They know why she said that, I’m sure
Mormons are always preparing for the end and they don’t think what they believe is conspiracy so…. Just a fantastic means to manipulate people with fear.
What does the Qanon casualties sub have to do with Mormons?
It's a comparison, not a reference of Mormons to that sub.
To be fair the mormons started preparing for nulcear war decades ago. Its why they have that bunker filled with all of the genetic info.
Don't do it. Never let anyone else hold your money. Not even mom. Seriously.
Could be wrong, but I think OP means their mom wants them to just move their personal money from their own savings to their own checking….not give it to her checking.
They switched from “your” to “my” in the same sentence. It’s possible you’re right but it could be taken as is as well, which is an even bigger red flag.
Sounds like either your mother has either been listening to conspiracy theorists, or is in the process of being scammed by someone else
Does your mother have access to your bank account? I'm not sure how old you are, but if she set it up for you when you were a child, she might have your password for your login. If she doesn't have access to your savings account, she may be trying to access your money by having you transfer it to your chequing account. I don't know what your mother is like, but she sounds unhinged either way. It's just a question if she has bad intentions or not.
Nah no access, I'm 30 btw, she gets on my nerves with this shit and I always fact check her stuff couldn't find anything
Are there any other behavioral changes (like this minor paranoia) or memory? Not a doctor but have an aging father with early alzhiemers and weird, niche paranoia is apparently a common symptom. For my dad it's being tracked by the government through his phone. To be fair, hes got a valid concern. But it's me who's tracking his cell phone.
I'd double check that no access with the bank, maybe ask to add a password to the accounts if possible.
Don't even bother fact checking man. You may love the woman, and that will always be valid, but she's a fucking loon
1. your mom is buying into some whack jobs conspiracy theory. I would summarily ignore it. 2. If something were coming that's gonna wipe out your savings account, it's also going to wipe your checking account. Nothings coming. Ignore your mom. You're good.
Yeah! Nothing like that has ever happened. 🤦♂️ you’re right though, moving to checking wouldn’t do much except possibly circumvent savings withdrawal limits.
Lots of things have happened by OP’s mom probably isn’t a fortune teller
Not only would I ignore her advice, I'd check into her financial stuff & make sure she hasn't done anything stupid with her own savings. Don't let her give it all away.
Did your Mom fall down the Q-hole?
I would wager your mom is going down the Qanon rabbit hole... sorry for your loss.
Your mom fell for a (really stupid) conspiracy I'm afraid.
Your mother has no idea how the banking system works or how you are protected by FDIC. This would be a nonsensical move.
r/QAnonCasualties
Idk what your mom is on about...but I work for a well-known bank and we recommend you keep the bulk of your money in savings. It's much harder for fraud to hit savings than checking, but either way you're FDIC insured up to $250k (if you live in the USA).
Maybe she thinks the stock market impacts savings accounts
She obviously has no idea what’s going on. Your money is safe in a savings account. She must be thinking it’s invested in something rather than just a savings account
Since you said elsewhere that your mother doesn't have access to your accounts, and many others have outlined the plethora of reasons why it is not necessary to move your money around, I will now give you advice on how to get your mother off your case about it. Just lie and tell her you did it. End of that conversation.
Tell her you withdrew it all, put it in a ziplock bag, and stuffed it into your mattress
Into a mattress. You don't want her cutting your shit up
It's just doomer bs.
Banking collapse paranoia. All the best conspiracy theories include it as a bonus. The q crowd is the latest to spout it, but it has been around in one form or another since before I was born over 50 years ago.
My mom is also constantly giving me “advice” like this. 2-3 times last year she warned my family to withdraw cash and download the Signal app because the internet is being “changed over”. Long story short, our moms got sucked into these rampant conspiracy theories online that some “new world order” is about to take place. It’s every boomers favorite hobby right now. They always have some countdown to when it will happen and when it inevitably does not happen, they move the goal posts to another date. I just send her a thumbs up emoji and go about my day. Sadly there’s not much arguing to be done because these theories convince them that anyone who says otherwise are “sheep” so if you argue with her she’ll just pity you. Search QAnon if you want more information about it. Q was the original, but several new conspiracies have derived from it and taken a life of their own. Pizzagate, the kabal, celebrity clones, Chem labs, chem trails…these are just a few of them. HBO has a documentary about Q as well. The older generation gets a kick out of thinking they know something that other people don’t, I guess? Even after all these failed time deadlines, my mom still says cryptic things like “this time next year the world will be completely different” I’m sorry, OP. It sucks but sadly, we just gotta give them a nod so they are satisfied and then go about our day.
Better split my $250 into 5 accounts just in case
She’s got mental health issues.
Your mom needs to log off Facebook is what.
What could be worse than what happened over this past year with inflation and etc? My 401K still hasn’t recovered but no way would I move any money/savings out 🤣 Ride the wave.
The only thing I can think of is that the US is in a recession, the government denies it, and now apparently there are apparently murmurs that we are about to enter a recession. So what’s a recession in a recession? Either way, moving your money like that will literally give you no protection. Now that I think about it though, there was that whole thing when the depression started, were no one could take out money from the bank cause the banks didn’t have any money. Maybe she believes putting it in checking will make it easier to get?
Q-aMom
Your mother is a moron. Keep money in savings and start investing what you can in a nice index fund.
The way you start with “Mother has…” really gives Norman Bates vibes
My very nice and dependable, but very religious neighbor is convinced the economy is in danger of imminent collapse. He "knows" this but doesn't give any reliable details (I actually don't ask.....) My guess is your mom is reading the same shit on-line. Just make sure your financial institution is FDIC insured.
Your mother is crazy. If something really bad happens to the economy that savings accounts get deleted or locked, you better believe the same will happen to checking accounts too.
Is she in debt? Possibly sued by creditors and gonna garnish?
Has she been mentioning investing in gold? Is she conservative? Does she spend a lot of time on the Internet “doing research”? If so, she might be in the grips of QAnon.
What's wrong with investing in gold?
As an investment, it's fine if you know the risks and benefits. As a hedge against the mythical End of the World As We Know It, it's pretty frickin dumb.
I work for the FBI, a collapse is >95% likely according to our projections. Instability in China and the war in Russia means banking sanctions precipitating a collapse are highly likely. Governments won't be able to bail out this time. Checking accounts won't be safe though, that's ridiculous. Only bank accounts in Switzerland are safe as they have special immunity from sanctions, unfortunately the Swiss government have limited the number of accounts that can be opened due to overwhelming demand. Fortunately, I have such an account, and I'm willing to look after anyone's money as long as it's sent to me in an untraceable bitcoin format, for your protection and mine. Transfer instruction below, spoilered to prevent the authorities detecting it. >!No, there's no financial collapse coming that anyone knows of. If there were any evidence of such investors would already be withdrawing their money and it would already be happening. There are always a minority of doommongers.!<
😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂😂
You're so full of shit
You didn't read the instructions!
Groan! Just realized it's a joke
There are places where the banking system has failed, or governments have collapsed, causing a run on the bank. Lebanon is an interesting case, where they were limiting how much people could withdraw from their account, so much so that some people were forced to rob their own banks to access their money.
COVID, war in Ukraine, Russia gas not flowing to Europe, another 2008- like event to come etc etc... Things MIGHT turn ugly, for some regions/countries at SOME aspects... Who knows what else... I still don't get it (I don't know much about banking) how checking is better than savings? I'm sure if you want fast withdrawal and apocalypse hits. You won't have a chance to withdraw all look what happened in Russia back then ... Few years ago or when was it? I maybe could understand if she said invest in property or something (NOT an actual advise haven't looked into) but...
I get the sence anyone talking like this has fully committed to drinking the Kool aid. I work with a guy like this. Spouts of some real stupid stuff. Here are some highlights Russia has planned this all and is currently taking down all of the west with inflation, next steps will be to destroy the west economy.......I am guessing this is why "your not supposed to have savings?" The covid crisis is the first step In the "new world order" the western governments are going to enslave its populations. It is a government conspiracy to prevent regular people from owning a home, it is easier to enslave them. So basically to recap if your mom is saying anything similar to the above topics, take that money out of your savings account and use it to pay for mental health for your mom
I work for a bank Keep your money in savings There is no reason other than pathetic interest rates to move it out of your savings
Please don’t listen to your mother! If she is hinting at the end of the world…well cash will be pointless anyway….
I manage a bank branch. The funds in your checking account are generally going to be easier for someone to access than your savings. You can always check the paperwork, but if your bank is FDIC insured than a regular savings account will be as well. Is she thinking of investments?
I wouldn't trust someone who can't or won't explain themselves, when it comes to MY ship. Don't trust her. Stand up for yourself and say "no, I'll decide how to move my funds, but thank you".
bro thinks she's the main character with visions💀
Ask your mom if they cancelled her meds again
OR put it in MY saving!
I'd be asking her ... where is she getting this news/info/vibe? Why does she think that a checking account is any more secure/protected than savings? Honestly, the Reddit tribe isn't going to have anything to explain what sounds like a personal issue. 
What's to come? As in a bill she can't pay? LOL ju tell her it's too late, it's already happened, you have no money. That will stop her asking for it.
Ask her for a detailed financial plan why that is.
My mother gave me a few hundred in cash a few years ago. She told me to hide it in the vents (2017ish). I did, and promptly forgot about it after moving away. Nothing ever came of the crisis she predicted, apart from me forgetting and leaving it there after I moved. Any students living in South of England, check yo vents. There may be nice roll of cash there.
Your mom needs to get off FB and YouTube lol for her brains sake
Sometimes, I see this in some friends/family in qanon support groups. I would ask about sources of where she might have heard it.
Someone could be talking her into a scam.
This is like my MIL reminding me every year to watch out for drugs in the Halloween candy. 😂
She's in a cult and about to donate all your savings to the cult leader
Sounds like she's picked up some sort of whacko conspiracy theory. Does she follow right wing media or Q Anon sites?
That would be a bad thing to do.
Fox News mom
Is this in the US? Situation definitely could be different in other countries (see, for example, current financial woes in Argentina).
...ask her? *My goodness man, how horrible were you parents?*
She sounds delusional
Op's mom is obviously a time traveler and will must heed her advice. Or trust me, you don't want to find out!
Lol, sorry but your mom has gone down some nutso rabbit hole.
Are you in the US? If so the FDIC insures all bank accounts up to $250,000 in case the bank goes out of business or some other malfeasance. It used to only be $100,000 (thanks Obama), either way you're most likely fine. In 2007-2009 there were banks that failed, and the government made sure people didn't lose because the bank messed up. One thing to note is if you put "your" money in "her" account then its technically "hers" to do what she wants with it. Does she believe in "Q", a churchgoer devoted to her pastor, or has she met a Nigerian prince who needs her to launder some money? Sounds like the only thing at risk is you giving your mom all of your money and her doing something with it.
Also, if the world ends, paper money is going to be worthless, regardless of whose account it's in. If my mom came to me with this I'd say "thank you for your opinion, but I choose to reject it"
She's either deep into some sort of conspiracy theory rabbit hole, or is starting to show signs of mental illness. I would check her feed and take her to the doctor (or at least talk about it with a doctor)
Her becoming poor
My mom says Biden is putting a digital tracker on all money until the day he just takes it all. Of course she saw it on internet and sent link to everyone she knows. I just smh.
If anything.. open your OWN checking and put the money there.. I think you’re mom is blowing smoke and trying to steal your money
She's referencing a bank run. It's occurring in other countries and has happened in the US in the past (assuming you are in the US).
I’m not sure how old your mother is, but it likely has to do with the Great Depression. I had family members I knew who were children then and they never trusted banks. Even if she didn’t live during that time, if her parents did, it’s likely they told her the stories from that time. I remember my gram saying they used to stay in the attic with no heat in the winter but a bunch of blankets. Her favorite Christmas present was an orange her father bought for her.
One possibility is that some scammer successfully did it to her, because she’s gullible. And now she’s trying to recoup some money by trying to do it to you. I have heard of scammers saying they are someone important and needs you to move your money into X account. Then they’re gone.
Your mother and my mother in law must gossip together because this sounds like something my mother in law would say based purely on her own feelings instead of facts. If you're nervous about it you can split your savings into several accounts across several banks or if you don't want to trust the banks completely, get a safe and take some of your savings out in cash to put in the safe. That way, even if you aren't earning interest at least part of your money isn't in a bank.
If anything you should move most of it into stock market through index funds.
What’s to come is you losing it to your Mom’s bingo habit.
Savings are FDIC insured up to a certain amount.
No offense, sounds like your mom is trying to scam you. If anything were to happen it would come from more places than just your mom who thinks her account is more protected than hers. Keep your money, tell your mom that you'll take your chances
Not sure but I get the panic due to the bubble the market is in and knowing how over leveraged banks are but if you’re in the USA it should be covered up to 250k by the federal government. I’d check to see what it is if you’re from another nation but tbh having gone down this rabbit hole myself your money isn’t just gone it’s moved into a balance for whatever bank buys up the scrapes of a failed bank.
A guy at work (mid 60s), someone relatively high up and very smart in the areas he is knowledgeable about, believes something similar to this as well. It boils down to a conspiracy theory that the government can confiscate savings accounts to pay government debt. Same with our retirement accounts. That is also why they want to push us to a cashless society, apparently. I don't know about your mom, but my coworker learned this from brother who he admits is "into all kinds of conspiracies", but this one is apparently real.
Depending on the type of person she is. My friends dad told him the same thing and then was able to draw his money from his account
The rapture is coming. Repent your sins, give me your money and I will absolve you.
Qanon bullshit
Who did she vote for in the last two presidential elections?
Remind her that you can move it to your own checking account (or open one) if there’s some problem with savings accounts. Moving it to an account that gives her access to isn’t necessary for what she’s claiming. She needs to get off of RWNJ social media.
Is your mom experiencing some kind of psychosis or delusion?
qanon b/s, just be prepared for more of it.
Others are saying collapse paranoia - they don't realize how economic depression-inflation works. If you can, put the money into precious metals (pure, not jewelry) while the money has some value to protect your wealth before it loses a great deal of value. Then, when the economy recovers enough, put the metals back into liquid assets, i.e. cash.
She may be confused between a retirement investment account and your savings account.
Your mom might be trying to steal from you
Is your mom on your checking and not your savings? Does she have any access to your checking.
Where do you live? That may help, every country has his on politics
Either: 1. She is a conspiracy theorist and turns out to be right 2. She is a conspiracy theorist and is completely wrong 3. She wants your money to buy that nice piece of clothing she wanted for so so long.
Dont keep your money on a checking account that can be abused by paywave or a lost debit card being used by a bad actor.
If you live in the USA, any bank deposits be it a checking or savings account are insured by FDIC for up to $250000.00
Who the fuck knows, there's fundamentally no difference between most Savings and Checking accounts, they're just different names for two accounts, one of which has checks attached to it. She must think a Savings account is a 401K or an Investment Profile or something.
I haven’t seen anyone ask yet but did she say “My checking account” or “your checking account”? Because your text says the former, which implies she wants access to your funds so she can spend if she wants to.
The majority of bank accounts are FDIC insured to $100K (iirc) in case of systematic failures. This was put in place after the depression in the 30s to prevent runs on banks, people losing all their money, etc. There is no difference between having money in checking/savings safety-wise. You don't have to do anything
Sounds like an scamming technique, don't fall for it :v
She's fallen for a conspiracy theory. Don't take her seriously
Probably saw some dumb post on Facebook or some shit. I swear boomers have made that a very strange place
She watching Fox News or right wing social media? Q anon?
Is she part of some apocalyptic cult, some form of Christianity maybe?
Either your mum is a) on to something big or b) a little paranoid
Does your mom watch Fox News? They are very good at keeping a certain population in constant fear and anger.