fffresh wrote:Ironic as it sounds you are completely correct: as long as you have less than $250,000 in deposits at the bank you will most likely benefit in the event of insolvency.
Here the bs about the FDIC... FDIC is broke... they only have 25cents per every dollar that is deposited in this country. Why did they raise FDIC from 100k to 250k? because most payroll account have over 100k. They didn't want individuals to start pulling money out... why? because they don't have the money.
FDIC is secure? BS one of my buddies was traveling Europe backpacking... IndyMac went under and he had over $250k in this account. It's peanuts for him on the loss but... he had a huge headach getting his money.