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Generally I think here is where the FDIC and SPIC would come in.

bowmessage 8y ago
Do they also have backups of account balances across all insured accounts then?
gdubs 8y ago
I’d love someone who knows the details to explain how that claim process would work, because while the FDIC would insure in the event a bank goes under, in that scenario there’s usually records. What would happen if there were no records? Surely there’d be lots of people making significant deposits in between snapshots. If you’re “paperless” I’m not even sure how you’d reconstruct your balance. Would certainly be time consuming, and in this case time would certainly be money.
- Aloha 8y ago
  You presume the live system is the only record - its not, there are backups of those, then historical records to reconstruct what might have been there. Bear in mind the live records are only one part of what a bank keeps.
Klathmon 8y ago
I can't even imagine the hellish process that you would have to go through to prove that you actually owned the money you did to receive the FDIC or SPIC pay. I'm genuinely curious what the process would look like, if it even applies. Where would you even start if the bank just suddenly says "you have $0"?
- ams6110 8y ago
  I guess I'd start with last month's statements.
  - Klathmon 8y ago
    I don't get those in the mail anymore, just an email with a link to their site. But even if I did, what do you do from there? Call someone and say "I have a piece of paper that says I should have $x but they say I have $y"?
    - ams6110 8y ago
      Yeah my bank is the same. I could download the statements, not sure who really does that accept the extremely paranoid. Civil claims are based on a preponderance of the evidence. if I go into court with a piece of paper from the bank saying that I have $5,000, and the bank has nothing to say that I do or don't have any money there, I have more evidence on my side than they do on theirs. In reality it's probably not that simple.

Do they also have backups of account balances across all insured accounts then?

I’d love someone who knows the details to explain how that claim process would work, because while the FDIC would insure in the event a bank goes under, in that scenario there’s usually records. What would happen if there were no records? Surely there’d be lots of people making significant deposits in between snapshots. If you’re “paperless” I’m not even sure how you’d reconstruct your balance. Would certainly be time consuming, and in this case time would certainly be money.

Aloha 8y ago
You presume the live system is the only record - its not, there are backups of those, then historical records to reconstruct what might have been there. Bear in mind the live records are only one part of what a bank keeps.

Klathmon 8y ago

I can't even imagine the hellish process that you would have to go through to prove that you actually owned the money you did to receive the FDIC or SPIC pay. I'm genuinely curious what the process would look like, if it even applies. Where would you even start if the bank just suddenly says "you have $0"?

ams6110 8y ago
I guess I'd start with last month's statements.
- Klathmon 8y ago
  I don't get those in the mail anymore, just an email with a link to their site. But even if I did, what do you do from there? Call someone and say "I have a piece of paper that says I should have $x but they say I have $y"?
  - ams6110 8y ago
    Yeah my bank is the same. I could download the statements, not sure who really does that accept the extremely paranoid. Civil claims are based on a preponderance of the evidence. if I go into court with a piece of paper from the bank saying that I have $5,000, and the bank has nothing to say that I do or don't have any money there, I have more evidence on my side than they do on theirs. In reality it's probably not that simple.