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The FDIC is backed by the full faith and credit of the US government. If a bank fails, your insured deposits will be made while, usually the next business day.
by ericpauley 4y ago
The FDIC is backed by the full faith and credit of the US government. If a bank fails, your insured deposits will be made while, usually the next business day.
- twblalock 4y agoThat's true, but many people will still freak out anyway.
- randomname11 4y ago[flagged]
- brianwawok 4y agoNot sure what that means. When has the US government not paid their FDIC money?
- fredophile 4y agoThe US government has a debt limit. The government is going to run out of options for not exceeding that limit in a few months unless it is raised. There are people in congress suggesting that they should let the limit get hit. If the debt limit is hit, do you e pectin the government to be able to pay out FDIC money in a timely manner?
- randomname11 4y agoNot just FDIC though, in 2008 and again today the Fed is making clear that their backstop is bigger than just FDIC. it can’t be any bigger than the debt limit so I find it sobering to have this discussion while we’re heading towards that cliff.
- notch898a 4y agoWill changes to probably in the context that FDIC only has reserves of approximately ~1% of the total insured value.