I remember someone here said that even if our money in our checking accounts are insured by the FDIC, they have upto 25 years to pay us back in case the bank goes under and can’t pay us. Is it true? If it is, can anyone provide a link to the article? If its not true, does this mean that we should not be worried at all about our bank accounts. (as long as they are under $250K/account)?? How long will the FDIC take to reimburse us?
FDIC only has enough cash to insure 2% of all accounts. Just as the IMF only has $260 billion to hand out, then it has no more left. As we know, insurance is just a big actuarial calculation and the black swan events can cause insurance pyramids to collapse. Bottom line: be worried when the FDIC has given out about 1/2 of its cash, then make sure you pull your cash before they have to give out the other 1/2…
Even better, the FED is guaranteeing MM now, if you’re really worried park you cash in a gov’t paper money market account.
You think FDICK is still a valid security?