My mom told me that an FDIC insured bank only has to give you XX cents on the dollar if the bank goes under, but the way I understand it is if your bank is insured for 100,000 then as long as your account is under 100,00 your entire account is covered, or in other words your entire 100,000 would be covered and not just cents on the dollar. Can anyone shed some light on this for me?
"too much" is only partially correct. The $100,000 limit applies to *ALL* balances in the bank, not per account. If you have a money market account, a checking account, a savings account, a CD, etc. with the bank, and if the combined balance of all such deposits exceeds $100,000, and the bank goes under, you get only $100,000 max.
Re: Re: question about Federal Deposit Insurance Corporation The federal agency that insures people's deposits in a bank ... remember the Savings & Loan crisis of the 80's? And remember who paid the depositors when those S&Ls went under? FDIC -- that's who http://www.fdic.gov
Re: Re: Re: Re: question about 1* Are we splitting hairs here and arguing about my use of word "agency" ? Or are you saying FDIC has nothing to do with federal government? If the latter, why does it have its website domain as ".gov" ?? 2* No argument there, but true only in the indirect sense. For those people who actually deposited their money in a S&L, the final check came from FDIC ... who in turn got reimbursed from the tax revenues
Re: Re: Re: Re: Re: question about How can you say the FDIC is not a government agency? It certainly is: An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure. And it was not the FDIC that was involved in the savings and loan debacle, it was the FSLIC--The Federal Savings and Loan Insurance Corporation. This appears, however, to be a separate fund managed by the FDIC. Just because it's an independent agency of the federal government doesn't mean that it's not part of the government. It is, it's just independent from other agencies.
Re: Re: Re: question about How can you say the FDIC is not a government agency? It certainly is: An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure. And it was not the FDIC that was involved in the savings and loan debacle, it was the FSLIC--The Federal Savings and Loan Insurance Corporation. This appears, however, to be a separate fund managed by the FDIC. Just because it's an independent agency of the federal government doesn't mean that it's not part of the government. It is, it's just independent from other agencies. _________________ The Answer is 42!! =============== Where does the money come from to pay this? THE END ** *** ** LB 59 http://www.bankrate.com/cweb/news/cc/20030804a1.asp """""""""```~~~```'"""""""""
Re: Re: Re: Re: question about Each bank pays a certain percentage of all deposits to the F.D.I.C. HOW MUCH THAT IS...I HAVE NO IDEA...AND WHAT DAY IT IS THAT THEY PAY...I HAVE NO IDEA EITHER...
