Why? It's called “bank bail-in.” Bail-in allows failing institutions, including banks, to recapitalize by taking part of your money from your accounts, etc., with no recourse. Go to your computer and type in “bank bail-in.” Scary? It should be.
By implementing bail-in, the Dodd-Frank Act of 2010 claims to support taxpayers by ending bailouts. The act allows the Federal Deposit Insurance Corporation to recapitalize a failing institution by taking your money -- deposits -- to bail them out. Credit unions are exempted. This goes deeper, and includes global financial institutions, because the financial system is intertwined.
Did you know Bank of America and Chase have more unsecured debt obligation than the gross national product of America? Everything stated above and much more that you must know can be found under “bail-in.” If Congress does not act soon to restore the Glass-Steagall Act, then say goodbye to money.