U.S. CitiesCity-Data Forum Index
Covid-19 Information Page
Go Back   City-Data Forum > General Forums > Economics
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 07-16-2008, 08:43 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 19,775,685 times
Reputation: 2499

Advertisements

Question regarding FDIC insuring amounts up to $100,000.

What timeframe will the FDIC pay a person?
Will they pay you your money in a week or a month?
If you wanted your money (that was insured by the FDIC) in a few days would you get it?

Not that we are in this boat but everyone keeps saying how your account is insured with the FDIC and I am just wondering if you would be waiting very long to get your money....

Anyone know?
Reply With Quote Quick reply to this message

 
Old 07-16-2008, 08:49 AM
 
Location: North Cackelacky....in the hills.
19,556 posts, read 19,775,685 times
Reputation: 2499
I found this,quite interesting to read:
Quote:
How long does the FDIC have to repay me if things go bad?
Here things get murky. We turn to Section 11 of the act and find this (emphasis mine):
(f) PAYMENT OF INSURED DEPOSITS.-- (1) IN GENERAL.--In case of the liquidation of, or other closing or winding up of the affairs of, any insured depository institution, payment of the insured deposits in such institution shall be made by the Corporation as soon as possible , subject to the provisions of subsection (g), either by cash or by making available to each depositor a transferred deposit in a new insured depository institution in the same community or in another insured depository institution in an amount equal to the insured deposit of such depositor.
That only says “as soon as possible” and sets absolutely no time limit or maximum. Taken to the extreme, it might be impossible for the FDIC to ever make depositors whole again, and this is one of dozens of such “outs” that exist in the document. Remember, this act was written in 1933 when money was gold, times were uncertain, and government lawyers were exceedingly careful to avoid locking the government into any possible financial black holes.
And the FDIC Act is very clear to spell out that the only insurance funds available to depositors are those that exist within the fund itself:
(f)(1)(A) all payments made pursuant to this section on account of a closed Bank Insurance Fund member shall be made only from the Bank Insurance Fund
So, if the fund runs dry, there isn't another possible source of funds that can be legally tapped without changing this wording. And that would take – wait for it – an act of Congress.

How Safe is My FDIC-Insured Bank Account? :: The Market Oracle :: Financial Markets Analysis & Forecasting Free Website
Reply With Quote Quick reply to this message
 
Old 09-18-2008, 11:20 AM
 
689 posts, read 1,058,964 times
Reputation: 768

So ahh, is th eBank Insurance fund provided by AIG?
Reply With Quote Quick reply to this message
 
Old 09-22-2008, 11:53 AM
 
689 posts, read 1,058,964 times
Reputation: 768
eh, how bad can it be if the execs are still getting their bonuses at Lehman Brothers?!
Fury at $2.5bn bonus for Lehman's New York staff - Business News, Business - The Independent (http://www.independent.co.uk/news/business/news/fury-at-25bn-bonus-for-lehmans-new-york-staff-937560.html - broken link)
Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:

Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > General Forums > Economics
Follow City-Data.com founder on our Forum or

All times are GMT -6. The time now is 06:32 PM.

© 2005-2020, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35 - Top