Comment by scarface_74
20 hours ago
My money in the bank in case of fraud is protected unless I voluntarily gave the fraudster my money. If a bank goes bankrupt, my money is protected by the government
20 hours ago
My money in the bank in case of fraud is protected unless I voluntarily gave the fraudster my money. If a bank goes bankrupt, my money is protected by the government
First one might be kind true in the US. Second one is only true up to $250k and how much Yellen likes you. But they are not true around the world and probably for most of it.
By law yes it’s only $250K. But when the banks collapsed last year, the government made sure that no one lost money. In fact, no one has ever lost money because of an FDIC insured bank failure.