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They've always said they do their best to recover all depositor funds. It's just not 100% guaranteed by the insurance fund, but that's no reason to wipe out eve
by astrange 4y ago
They've always said they do their best to recover all depositor funds. It's just not 100% guaranteed by the insurance fund, but that's no reason to wipe out everyone above that.
The loss of confidence (and people losing their jobs) would make that much worse for the economy than finding some more money somewhere else; because banks work on confidence, telling people you have their money stops them from withdrawing it, which means you don't need to actually give them it.
- _heimdall 4y agoThis time they did in fact say all accounts would be made whole. My employer was banking at SVB, the Monday after the collapse we could login to our account and access all the funds as though nothing happened. I do get why they did it, I was simply pointing out that they changed the rules in the middle of the game.
- Rapzid 4y agoThe FDIC had a rule that they were only allowed to guarantee 250k? As in, they were not allowed to guarantee more if they could or deemed it prudent? They had this rule and they threw it out? Do you have a citation or source for this?