Thursday, October 2, 2008

In the Event of a Bank Run

For those who have money in a failed bank, your funds are protected by the FDIC up to $100,000. There is no need to pull it out in a panic, it will be there tomorrow and the day after. If you want it out and have checks associated with the account, write a check and deposit in a different bank. If you have more than $100,000 at such a bank, good luck.

1 comment:

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The chain of bankruptcies this year has caused some banking panic and might cause a long economic recession. Many of the recessions in the United States were caused by banking panics.