Remember that scene at the beginning of It’s a Wonderful Life, where people are all desperately trying to get into the bank because if it fails before they get in, they lose their money? That’s what the FDIC prevents.
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They won’t defend it. They have torn out their ear drums to criticism. They will hear no evil about the man.
What backs or gurantees the FDIC?
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There’s also an implicit guarantee that the federal government would step in an make deposits good if there were a bank failure large enough to wipe out the FDIC
It’s 100k per account per bank, IIRC
It was. Got raised to 250k a few years back
It’s also more if it’s a joint account.
You did not remember correctly. This is disclosed on every savings account with a bank that is insured by the FDIC. The limit was raised several years ago.
Sounds like I remembered correctly, although my information was outdated
Which makes the information incorrect.
Yes, the information I remembered was correct and outdated for the memory. However, that doesn’t change the fact that it’s incorrect right now. It doesn’t mean I recalled incorrectly
Why would they need to defend it? They already won.