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Post by Brett on Aug 21, 2008 10:25:07 GMT -5
What the article fails to mention is timeline. It can take the FDIC 3-5 years to payout insured funds. moneybogey26 brought up an important point so I wanted to repost to a new thread in case anyone missed it on another post. [glow=red,2,300] It can take the FDIC 3-5 years to pay you back your money if your bank fails. [/glow] What about the interest during all that time, do they pay you interest during those years???  |
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Post by rockstarinvestor on Aug 22, 2008 18:16:53 GMT -5
What the heck??? I never thought of that. So basically if this happens to your bank, you would lose your liquid cash and then be required to borrow that money or go to the credit card until the FDIC gets your money back to you. This is really frightening!!! I am going to do a little change to my setup. Not a bundle in offshore, but enough so I can go to it in an emergency situation. It's really scary to find out that something you think is so automatic and safe is really not. thank you for the post. What the article fails to mention is timeline. It can take the FDIC 3-5 years to payout insured funds. moneybogey26 brought up an important point so I wanted to repost to a new thread in case anyone missed it on another post. [glow=red,2,300] It can take the FDIC 3-5 years to pay you back your money if your bank fails. [/glow] What about the interest during all that time, do they pay you interest during those years??? |
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Post by protectmyassets on Aug 26, 2008 10:53:16 GMT -5
thanks for the repost Brett. I missed that wherever it was posted before. I'm going to diversify enough in a swiss or swedish account to draw from for an emergency period of time should my bank take a dump on me. I think everyone should have an emergency reserve to live off of in a safe foreign account for this exact reason.
Don't put all your eggs in one basket.
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Post by rockstarinvestor on Aug 28, 2008 10:16:33 GMT -5
i'm covered and i can sleep at night ;D
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