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> No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933 This is just a truism because all insured deposits are insured, and
by AmericanChopper 4y ago
> No depositor has ever lost a penny of insured deposits since the FDIC was created in 1933
This is just a truism because all insured deposits are insured, and all non-insured deposits are non—insured.
- arcticbull 4y agoYes, you're right, however, do you have a source on how much has been lost in the last 89 years? I've had a lot of trouble finding anything more than that one bank that had $30M in assets losing $500K in total one time in Texas in the last 5 years.
- NovemberWhiskey 4y agoThe failure of IndyMac is the poster-child of the modern era - losses on uninsured deposits were certainly into the multiple hundreds of millions; it's really that case which prompted the increase of the FDIC insurance limit.
- Asparagirl 4y agoYup. About 10,000 people (well, 10,000 depositors, some of which were actually companies or trusts or things like that, not all people) lost more than $270 million in total uninsured funds that were over the FDIC limits in the IndyMac collapse.
- deleted 4y ago[deleted]
- bobthepanda 4y agoWell, you can have a deposit insurance scheme that fails to insure bank deposits. IIRC this happened at least once during the eurozone crisis where national deposit schemes could not insure the cross-border activities of their banks.