Quote:
Originally Posted by woj
FDIC insurance is nice too, with banks failing left and right now a days, good luck getting your money when some bank in the middle of nowhere goes out of business...  |
Wanna know something funny. Now this may have changed since the bank shake up and the FDIC limits have been raised from 100k to I think 250K? Mabey its 200k. Anyway...if you look at the FDIC's fine print if the bank goes belly up, you are insured, but Under Federal law, the FDIC is required to restore funds “as soon as possible.”
Now this may have changed, but its scray how many people assume that if their bank went under that they'd get a big check right away and it would all be puppies and rainbows. I think there is enough to handle small banks going under...or one big bank at a time. But if there was a TRUE collapse of the entire system, nobody would be getting their money anytime soon
I dont think thats ever happened, but if lets say B of A, Wells and Chase all went under at the same time....you can bet they would exercise that option, as there is now way in hell the FDIC has enough cash on hand to cover those hundreds of billions in losses.