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FDIC could be insolvent within the year
Posted: Wed Mar 04, 2009 6:18 pm
by catamount man
Re: FDIC could be insolvent within the year
Posted: Wed Mar 04, 2009 7:52 pm
by ASUMountaineer
When I worked in the banking industry, the FDIC was always a laughing matter. They had a "reasonable" amount of time to pay back your $100,000 (or less) in insured deposits if a bank failed. Who determines said "reasonable" amount of time? FDIC. It wasn't worth a whole lot, and this is why. We all knew it. In NC, if you owned a fixed annuity, the insurance companies were required to set aside money to match the value of the annuity dollar for dollar up to $300,000. That's worth more than FDIC.