FDIC: Not very assuring

If your bank becomes the next victim of the mortgage meltdown, panic may be advisable. While the FDIC insures up to $100,000, the Consumerist discovered that there’s no solid timeline in which to give you this money.

Federal law requires the FDIC to make payments of insured deposits “as soon as possible” upon the failure of an insured institution.

The goal, they say, is two days. But various factors may extend this. And considering it’s been untested on a large scale, I’d say our trust in the banking system should be strongly reconsidered.


Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s