I just want to add one more thing to keeping money in these banks. Some good friends of ours originally from Italy, husband and wife, are in both the real estate industry (one a broker, one sells) and they own some pizza places. Well at the height of the US real estate bubble they were planning a trip to Italy for 3 weeks to visit family. Because they had valuables (passed down heirloom 4 generations) and cash on hand (in between a big real estate transaction) and another $150,000 in cash $2 bills in a safe, a relative talked them into getting a safety deposit box and not leaving it at the house for 3 weeks. So they did. All of it was inside a duffle bag.
When they got home and went to pick up their items the money was gone and so was the jewelry, but the boxes to the jewelry were still in the duffle bag. The bank is not assuming any responsibility for the missing money (prove it) or the jewelry (want receipts) that has been passed down generationally. It was 100 percent loss. All they got back was the duffle bag. My friend is still sick about it. They tried to file claims, but to this day nothing has been done or replaced by the bank. It was an obvious inside job by someone who knew what was in that bag. And they had the audacity to leave the boxes to the jewelry behind. The banks says how are they supposed to know whether there was jewelry in them boxes or not?!?!? I get that, but still. They would have been better off leaving that stuff at home.