What are your thoughts on the FDIC?

Poll - Total Votes: 3

Yes! They are responsible for doing their job and insuring my money

Nope! They are a government agency and not responsible for anything.

I don't live in America so I could care less.

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For those who don't know the FDIC, Federal Deposit Insurance Company, is owned by the government and is there to protect your money up to $250,000 per account. This organization was formed after the great depression of the 1930's to insure that people never lost their life savings again. Yesterday I was talking with another user who feels that the FDIC is more of a suggestion and is not responsible for guaranteeing you money at all if your bank fails. What are your thoughts on this?

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4meAndyou · F

That is not true. They are there to ENSURE that depositors will not lose their money if their federally insured bank fails.

Musicman · 61-69, M

@4meAndyou Exactly! If I said it wrong I apologize. So do you believe that if your bank fails that the FDIC is under no obligation to insure your money or are you good with losing it?

4meAndyou · F

@Musicman NO!

Musicman · 61-69, M

@4meAndyou Which part did you agree with?

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Musicman · 61-69, M

@4meAndyou Cate to share your thoughts?

4meAndyou · F

@Musicman No. I am tired, and I just found out that my brother fell and broke his back at the END of NOVEMBER...and neither one of those two miscreants thought to call me and let me know!!!!

4meAndyou · F

@Musicman

"The FDIC does not cover all funds deposited because it is designed to protect only the insured deposits in the event of a bank failure. FDIC insurance covers deposits in the following accounts:
Checking accounts
Savings accounts
Money market deposit accounts
Certificates of deposit (CDs)

However, it does NOT cover:

Non-deposit investment products
Stocks, bonds, mutual funds, or other investments purchased through a bank
The contents of safe-deposit boxes
Investments in a bank's stock

FDIC insurance is limited to the insured deposits at an FDIC-insured bank, and it does not cover losses due to fraud and theft. The FDIC's insurance is automatic for any deposit account opened at an FDIC-insured bank, and it is backed by the full faith and credit of the United States government. "

FDIC
Understanding Deposit

Musicman · 61-69, M

@4meAndyou Exactly! I was referring to checking and savings accounts.