Should you rush to withdraw all your money from the bank right now?

A mere glance at the news will show anyone that not all is well in the financial world. The world economy was already looking shaky due to various conflicts threatening to disrupt global trade, but then came the wrecking ball that is Donald Trump. His tariff announcement has sent the markets into freefall, causing trillions of dollars of value to vanish in a puff of smoke.

Even so, it’s easy to conclude that these big numbers don’t affect you. After all, the markets are not the “real economy” in which individual consumers live. But what happens on Wall Street usually filters down to ordinary Americans in one form or another, and the ongoing economic crisis has had many wondering whether their hard-earned money is actually safe in a bank.

As such, there are many scary-looking posts across social media advising people to immediately head to the bank and demand to withdraw their balance as cash, using the tag #TheBanksAreOutofMoney. After all, a bank can go bust overnight if the markets implode, and while a suitcase stuffed with cash under your bed isn’t 100% safe, you at least know where your money is:

Just went to my local bank. They were out of money! Don’t let this happen to you— go withdraw all of your money NOW! #TheBanksAreOutOfMoney

— Coach Lew (@CoachLewGrizz) April 3, 2025

I am a bank employee. They had us stay after for 2 hours last night laying out future plans. All I can say right now in this, the banks are out of money. If you try to go to the bank and withdraw your cash they will no longer let you. #TheBanksAreOutOfMoney pic.twitter.com/odA8P82ZeN

— Sal Frelick is good (@HavingWetSocks) April 3, 2025

we like to joke around on here but you do actually need to pull all of your money out of the bank right now #TheBanksAreOutOfMoney pic.twitter.com/FeUl5js6i9

— Nine (@ninewontmiss) April 3, 2025

In ordinary circumstances, this would be a non-issue. The FDIC insures your account for up to $250,000, proving its worth during the 2008 financial crisis, during which 528 member institutions failed. The FDIC was forced to pay out billions to those whose banks went bust, but they did pay out. However, we are not in ordinary circumstances and with the chaos spewing from the White House on a daily basis, who knows what’s coming next?

But, despite all that, withdrawing all your money from the bank is not a great idea. The hashtag and social media posts aren’t fully serious, instead jokingly trying to induce a “run on the bank”. This event, familiar to anyone who’s seen It’s a Wonderful Life, comes when accountholders lose confidence in their bank and panic. If too many people withdraw their balances at once, the bank cannot pay everyone, increasing the panic and leading to a default.

This would cause utter chaos in the financial world and widespread consumer panic. And, for some jokers online, that chaos is the point. So, in conclusion, your money is almost certainly safe in a major U.S. bank, barring the total collapse of civilization. That said, keeping a couple of hundred dollars stuffed in an envelope for emergencies might not be the worst idea in the world.