If My Bank Collapses, How Long Before The FDIC Pays Up?
The Consumerist
5:58 PM on Tue Jul 29 2008
By Ben Popken
12,314 views
24 comments
http://consumerist.com/5030701/if-my-bank-collapses-how-long-before-the-fdic-pays-up
If your FDIC-insured bank implodes, how long does it take for the FDIC to start paying depositors? Ever since IndyMac imploded, the question has no doubt been on many people's minds. One reader emailed me saying that he had asked the his banker about how long it might take. Allegedly, the banker squirmed around before finally saying that the FDIC had 20 years to pay people back. This is not true.
In reality, there is no statutory "upper limit" for when they have to pay you back by. Instead, the Federal Deposit Insurance Act states that the FDIC is required to pay insured depositors "as soon as possible."
Internet Censorship Alert
Internet Censorship Alert: Alex Jones exposes agenda to 'blacklist' dissenting sites (March 14, 2010)
As I predicted, the Obama Administration is trying to shut down the Internet - at least the parts he doesn't like. Barack Obamas regulatory czar, Cass Sunstein has stated that he wants to ban conspiracy theories from the internet. Think about what this means - Every video, every website, every blog, every email, that exposes or just criticizes the government for any reason whatsoever could be labeled a "conspiracy" and taken down. Your home could be raided in the middle of the night, and you could be carted of to jail for criticizing the government. All they have to do is call it a "conspiracy theory".
http://www.youtube.com/watch?v=aqAWmBLFodE
Showing posts with label bank failure. Show all posts
Showing posts with label bank failure. Show all posts
Saturday, August 2, 2008
Wednesday, July 30, 2008
Two new dead banks, 2,200 more coming, FDIC bailout
Two new dead banks, 2,200 more coming, FDIC bailout
by Stranded Wind
Sat Jul 26, 2008 at 05:45:02 AM PDT
http://www.dailykos.com/story/2008/7/26/8327/37155/49/557261
I called the death of Indymac Bancorp on Monday, July 7th. The Federal Deposit Insurance Corporation seized Indymac on Friday, July 11th.
The FDIC says there are 90 more troubled banks out of the 8,500 they insure, but other sources say it’s more like 850 facing certain doom and another 1,200 to 1,300 that are likely to get sucked under
Two more of the walking wounded got picked up Friday after close of business, I learned of this via a note from Ed over at Credit Writedowns, who beat the mighty Bank Implode-O-Meter to the punch on this one.
Like Bear Stearns, like Fannie Mae and Freddie Mac, the FDIC is about to get attached to the U.S. Treasury in a way that will be pitched as a benefit for the common man, but it’s totally Welfare for Wall Street.
by Stranded Wind
Sat Jul 26, 2008 at 05:45:02 AM PDT
http://www.dailykos.com/story/2008/7/26/8327/37155/49/557261
I called the death of Indymac Bancorp on Monday, July 7th. The Federal Deposit Insurance Corporation seized Indymac on Friday, July 11th.
The FDIC says there are 90 more troubled banks out of the 8,500 they insure, but other sources say it’s more like 850 facing certain doom and another 1,200 to 1,300 that are likely to get sucked under
Two more of the walking wounded got picked up Friday after close of business, I learned of this via a note from Ed over at Credit Writedowns, who beat the mighty Bank Implode-O-Meter to the punch on this one.
Like Bear Stearns, like Fannie Mae and Freddie Mac, the FDIC is about to get attached to the U.S. Treasury in a way that will be pitched as a benefit for the common man, but it’s totally Welfare for Wall Street.
Labels:
bank failure,
bank run,
depression,
Recession
Monday, July 28, 2008
Bank Failures: What Do They Mean To The Average American?
Bank Failures: What Do They Mean To The Average American?
Posted on July 20th, 2008
by Sharon Secor in All News, Business News, Economic News
http://www.bloggernews.net/116806
Bank failures and bank runs are phrases that hearken back to the era of the Great Depression, during which there was more than 9,000 bank failures, with – according to some historians – depositors losing $140 billion by 1933. While the banking system has evolved and changed since that era, the fact remains that bank failures still do affect the average American. Experts expect that the recent failure of IndyMac, the second largest bank failure in history, will be followed by more bank failures and not just failures of small, regional banks lower on the financial services food chain. Therefore, understanding how bank failures can affect you and your finances is important and timely.
Posted on July 20th, 2008
by Sharon Secor in All News, Business News, Economic News
http://www.bloggernews.net/116806
Bank failures and bank runs are phrases that hearken back to the era of the Great Depression, during which there was more than 9,000 bank failures, with – according to some historians – depositors losing $140 billion by 1933. While the banking system has evolved and changed since that era, the fact remains that bank failures still do affect the average American. Experts expect that the recent failure of IndyMac, the second largest bank failure in history, will be followed by more bank failures and not just failures of small, regional banks lower on the financial services food chain. Therefore, understanding how bank failures can affect you and your finances is important and timely.
Labels:
bank failure,
bank run,
depression
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