How the hell can this happen? Cyber attack??
Well, two things; one this happened under the Biden administration. Can't say that I'm surprised. They've built the wall around the WH and are keeping armed guards around it for a reason.
I heard two days ago that not only do banks not have to have money on hand to cover their deposits, but the banks are also allowed to write you an IOU if you go to the bank to withdraw funds and they don't have the funds. It is my understanding that credit unions do not have that rule (yet).
The alarm went off for me during COVID when I went to the bank and we could only make a one time daily transaction of no more than $1,500. We withdrew all our money out except enough to pay bills.
Also -- banks can discern who they want to do business with; they can close out your account for any reason and they can shut down credit cards.
I think the collapse of the dollar may be near. We will become a cashless society (which personally we're screwed) or cryptocurrency which can be manipulated -- poof your money can be gone in a flash.