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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You can only vote on one answer.

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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1490wayb · 56-60, M

it is grossly underfunded and i have ALWAYS done my banking with local credit union

Musicman · 61-69, M

@1490wayb Is your credit union FDIC insured or are you good risking your savings?

1490wayb · 56-60, M

@Musicman credit unions are insured thru the NCUA

Musicman · 61-69, M

@1490wayb So the same question applies. If your credit union fails do you think they should insure your money or will you gladly accept the loss?

1490wayb · 56-60, M

@Musicman i keep very little in savings account. it is non-profit and member owned unlike public traded banks. it is far more secure as was proven during the crisis of 2010-2012