Experts: There’s nothing to suggest you should be worried
After what almost happened in Cyprus with their banking system, many are wondering if the exact same thing could happen here in the United States.
If you are one of those that watched the Cyprus situation play out and got nervous, John Heasley, the Executive Vice President of the Texas Bankers Association, told KTRH that you can breathe easier when it comes to your money.
“There’s no provision in federal law to allow the government to take this property. It would be against the Fifth Amendment,” Heasley explained.
Houston financial planner Richard Rosso agrees.
“I don’t see that happening. I can never say never, but I just don’t see that happening here,” Rosso said.
Heasley says the Constitution protects us from a Cyprus-like situation.
“Individuals that have unjustly lost property can seek redress in the courts,” Heasley stated.
Rosso says there's another reason we won't see it here.
“Our laws are too strong. I just don’t see the same kind of corruption here that I do there,” Rosso explained.
So the bottom line? Your money is safe, according to Heasley.
“It’s federally insured, and if the government was to ever do anything we could immediately seek redress in the federal courts,” Heasley explained.
