3 ms·
I’ve had a couple instances of fraud on my Bank account. Every time it was refunded in full within 2-3 business days. Beyond that all of my cash is insured by
by wil421 4y ago
I’ve had a couple instances of fraud on my Bank account. Every time it was refunded in full within 2-3 business days.
Beyond that all of my cash is insured by FDIC. If Bank of America decided to pull an FTX and scam away my money I’m getting it back.
- loloquwowndueo 4y agoJust remember FDIC insurance has limits; I know you know how much you have and it might not be over the limit but folks should know “all of my cash is insured” may not be entirely accurate.
- wil421 4y agoCorrect, the limit is $250k for anyone curious. It’s $250k per co-owner for joint accounts.[1] [1]https://www.fdic.gov/deposit/diguidebankers/documents/joint-accounts.pdf https://www.fdic.gov/deposit/diguidebankers/documents/joint-...
- rationalist 4y agoBank of America's deposits were 1.4 trillion in Feb 2021. FDIC's Deposit Insurance Fund was 125 billion in Dec 2022. You aren't getting your money back if BoA loses it all. https://newsroom.bankofamerica.com/content/newsroom/press-releases/2022/03/-bank-of-america-consumer-clients-make--294-billion-in-payments-.html https://newsroom.bankofamerica.com/content/newsroom/press-re... https://www.fdic.gov/analysis/quarterly-banking-profile/fdic-quarterly/index.html https://www.fdic.gov/analysis/quarterly-banking-profile/fdic...
- wil421 4y agoI’m not going to name my credit union.
- rationalist 4y agoI didn't ask you to. You said, "if Bank of America…" Also, credit unions are not insured by the FDIC, they are insured by the National Credit Union Administration (NCUA).