I don't have money at SVB, but I do have a sizable amount at First Republic. It's less than $250K. It's in a CD that matures next week. I put it in a CD because I needed to save it for taxes on a home sale gain last year.
Let's just say that somehow, FR freezes accounts. What would that actually mean for me getting my money out? Would it just take a little longer than usual to get the money out, or could my money be locked up for months?
Bonus question. So I was planning on taking it out and moving it to a different bank - the bank that I already have set up the account number and routing number for paying my taxes with IRS and FTB (Fidelity, which I believe technically is some bank in Missouri). When I take it over there, what do I need to do with it to make sure that it isn't at risk? Since I'm in CA and our taxes aren't due until Oct 16 because of the Disaster Declaration, I was thinking treasuries that mature in Aug/Sept. But then what after that? Just sit as cash until Oct 16? Or NOT sit as cash for that short period? (Under the mattress wont work, as I'm not planning on taking a pillowcase of cash to the IRS office to pay off the tax bill.)
Submitted March 09, 2023 at 11:37PM by lljc00 https://ift.tt/Ev4kTAj
