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This reminds me of an old finance joke my professor told me (this was when rates were 0): if somebody offers you 20% interest p.a. on an FDIC insured account, a
by e63f67dd-065b 3y ago
This reminds me of an old finance joke my professor told me (this was when rates were 0): if somebody offers you 20% interest p.a. on an FDIC insured account, and you put in $1,000,000 today, how much money will you have in 5 years?
The correct answer is 0, because you're being scammed.
- TinyRick 3y agoWouldn't the correct answer be $250k due to the FDIC insurance?
- e63f67dd-065b 3y agoLate reply, but basically: I pinky swear that my NotAScamBank is FDIC insured, and that it has 20% interest p.a., would you like to deposit money with me? Obviously the FDIC is gonna take a look and say "hah no, go away", NotAScamBank knows this, and won't even bother applying. It's a scam, why would they be honest about FDIC status?
- Rexxar 3y agoWhy would they be honest on FDIC insurance if they lie on rate ?
- thallium205 3y agoToday’s FDIC would reimburse the full amount and honor the investment terms.