3 ms·
There is because people couldn't get access to their money while they were sorting it out.
by throwing_away 4y ago
There is because people couldn't get access to their money while they were sorting it out.
- notch898a 4y agoIt wouldn't surprise me if FDIC can act quicker in taking over a small bank than a large one, though.
- sitic 4y ago"Historically, the FDIC pays insurance within a few days after a bank closing, usually the next business day, by either 1) providing each depositor with a new account at another insured bank in an amount equal to the insured balance of their account at the failed bank, or 2) issuing a check to each depositor for the insured balance of their account at the failed bank." https://www.fdic.gov/resources/deposit-insurance/faq/ https://www.fdic.gov/resources/deposit-insurance/faq/