Home › Forums › Housing › A Run On Foriegn Bank › Of course it could happen.
Of course it could happen. It did a few weeks ago.
Many people haven’t got a clue what is going on. Accounts that are backed by FDIC insurance are covered to the maximum per the type of account.
Few weeks ago there were plenty of people who withdrew from Counytrywide Bank EVEN THOUGH the accounts are FDIC insured.
Countrywide Bank is paying about the highest interest rate today on FDIC INSURED accounts. Liquid or CD’s.
It will happen again at a different bank.
It isn’t hard to understand what FDIC inurance is and what the limits are.
There is no reason to keep money in an account today that is not FDIC insured (or simiilar coverage)
Most bank money market accounts are not insured. They are invested in a bunch of debt packaged from Wall Street, including ABS and MBS. BEWARE.
