So wait, I’m supposed to believe that if money that was on deposit in a big bank disappears, and that bank tanks, that Frederick, Dante, Ignacio and Charlie are going to replace it for me? Because it was insured? With FREE insurance? Sorry, I call B.S.
People, ya gotta wake up, stop hitting the snooze. If the gov’t was going to return all your money, there would be no need for an ‘insurance company’, they would just return it. What this insurance company does provide is a firewall, so if there is a big meltdown, the F.D.I.C will be the fall guy. Yikes! The F.D.I.C is a corporation, it's not the government.
Even a teller told me that if the money is ever lost in her bank, it’ll take you 99 years to get it back. Not sure why she said 99 years. And I asked her how much money do they keep in the bank daily? She replied, $20,000. So if crap happens, all it will take is twenty people taking out a thousand dollars and the lights will shut off.
I think it’s clear that perhaps it is time to rethink this whole bank thing. “Hmmm…let’s see, I’m storing my paper/digital money, cough, uh-hem, I mean currency that has no inherent value in a bank that sees me as an unsecured creditor so…I guess if it's all lost, they probably won’t be replacing any of it any time soon...or ever.” What does it tell you when the F.D.I.C. only has billions available to them but there’s trillions on deposit just at one big bank? It tells you that you won’t be paid first.
Even J.P. Morgan is telling smaller banks to consolidate while they still can. Doesn’t take a brain surgeon to spell it out. Here’s the link in case you’re curious...
https://www.bloomberg.com/news/articles/2017-05-08/jpmorgan-tells-banks-to-partner-up-as-u-s-deposit-drain-looms
The crunch is coming and even the Fed doesn’t even want to pay you back.
Click this link to find out what’s not insured by the free insurance…
https://www.fdic.gov/deposit/covered/notinsured.html#not_insured
Bottom line, vote with your wallet.
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