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Personal Finance (Not Investing) • Patelco Credit Union Ransonware Attack

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I think it's worth considering bank diversification these days. I could get money relatively quickly from my regional bank with a local branch or from my accounts at Schwab or at Vanguard (although Vanguard would be more of a challenge to use for my regular banking needs).

When you say not much is liquid at Schwab, what does that mean? Is it something like CDs? Or is it you don't want to sell stock funds? Or in retirement funds you don't want to withdraw because of taxes?
The stock market has been up lately so I don't think it's too big of a deal to sell stocks in an emergency. Based on being in a 55+ community, I would think you'd be withdrawing from retirement accounts so an additional withdrawal doesn't seem to me like too big of a deal.

This board often has threads about investments all at one place and being worried about a Bernie Madoff like situation. But I think a short-term liquidity issue like this is something to worry about much more.
Yes, CDs and funds that pay out monthly are deposited into our investor checking account at Schwab, but we don't typically keep much there but that will be changing now. We do have an ATM card for it if we need cash, which we usually don't and put everything on credit cards.

We paid off the credit card on 6/28 using bill pay, but those transactions have not been processed and the fill-in-the-blank pat answers from Patelco are disappointing.

We are selling nothing. Social Security and other direct deposits are at Patelco so those funds can't be accessed. Now we know that 40K in liquid funds (12 months of 4 wall expenses) with one institution is not a good idea!!!!

Yes, should be a wakeup call for others as well. Diversify banking institutions as well.

Statistics: Posted by mrsbetsy — Wed Jul 10, 2024 10:36 am — Replies 18 — Views 990



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