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Huntley Montana | The $250,000 FDIC insurance is backed by the "full faith" of the US goverment. Problem is is when the "male bovine fecal matter meets the spinning blades" is going to be weither the US goverment has the money to cover the losses. The amount of money at risk NATION WIDE may be 5-10 years or more of America's GNP.
Small banks "invest"? in larger banks extra funds untill needed, If the larger bank goes down, it might not return that money for years, if at all.
It would be prudant in times like this to have money in 3-5 differant banks, just in case 1 or 2 colapse untill the FDIC allows you to withdraw part or all your money. If you have a operating loan at a bank that colapses any savings will be tied up till you pay off the loan.
You might also be limited on amounts to be withdrawn in the case of a colapse. | |
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Should my "small" bank be worried?
