4 ms·
FDIC guarantees up to $250k and also kicks in after the bank goes under. I'm guessing it should take some time (a few years?) until the FDIC reimburses the peop
by csomar 5y ago
FDIC guarantees up to $250k and also kicks in after the bank goes under. I'm guessing it should take some time (a few years?) until the FDIC reimburses the people who lost money.
- wbsss4412 5y agoWhy would you think it should take a few years? The FDIC is deposit insurance that all of the banks pay into, should a single bank go under there’s always plenty of funds available.
- arcticbull 5y agoMaintaining faith in the banking sector is of paramount importance to the US, and yes, $250K is the letter but (a) people with more than $250K in a checking account know this and are suitably invested and (b) in the case of WaMu itself, it was simply sold to JPMorgan by the FDIC. They did not even have to draw on the insurance fund.
- saryant 5y agoThe FDIC moves the accounts to a solvent bank. Usually it takes a day or so and then all customer funds are available.
- tedunangst 5y agoIt's been 12 years since 2008. Who's still waiting for their check from FDIC?