Back then, when a bank went out of business, you had to act fast in order to be one of the first in line to get your money back, because when the money was gone, it was gone.
And that's the same thing that brought IndyMac down last week. People made a run on the bank despite FDIC insurance.
depends on the type of account. FDIC covers up to 100k in individual accounts, 250k in retirement accounts and if structured right with beneficiaries up to 700k in a trust account. very complicated if you want to keep hundreds of thousands in one bank. easier to get multiple banks
Answers & Comments
Verified answer
Only if you have more than $100,000 in the account.
No, that's the whole point of FDIC insurance.
Read up on your history of The Great Depression.
Back then, when a bank went out of business, you had to act fast in order to be one of the first in line to get your money back, because when the money was gone, it was gone.
And that's the same thing that brought IndyMac down last week. People made a run on the bank despite FDIC insurance.
Up to $100,000 is insured. Beyond that, you may be covered for 25% of the remainder by FDIC, but you have to apply for that extended coverage.
No. If the bank is FDIC covered then they will pay special attention for your money. After all its your hard earned bucks!
http://www.rghins.com/
No. The FDIC will see to it that the bank's customers do not lose their money.
depends on the type of account. FDIC covers up to 100k in individual accounts, 250k in retirement accounts and if structured right with beneficiaries up to 700k in a trust account. very complicated if you want to keep hundreds of thousands in one bank. easier to get multiple banks
your money always be safe,there is no problem with that