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Lapel, In | You have to remember that the FDIC is only funded at about 10% of the risk. That means if all banks took a dive at the same time,you would get less than 10%of your deposit returned.Banking Districts reinsure other districts like all other insurance products do. Have a tornado in Missouri and the rest of the country kicks in its share to cover the claims. Its possible that the early bank failures could drain all the reserves, then it would be up to congress to intervene and bail the system out if they could .FDIC coverage is NOT guaranteed in extreme circumstances.Its very similar in nature to a drainage district. If there is enough money in the fund then you will get your tile repaired. | |
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Building Bins/Adding Value {SEN. CITIZEN}
