FDIC is BROKE. AN insurance fund with ZERO is insuring about 6 TRILLION dollars of bank deposits.
Not to worry, the federales have given them a $500 BILLION dollar line of credit to instill a false sense of security.
FDIC coverage is only unlimited for certain business accounts, not personal checking.
I suppose if the CITIBANK disclosure said:
We are BROKE and may not have the funds to honor a check that you write using funds that you have deposited with us. IF you give us 7 days notice, we will do our best to figure out a way to get the money… it wouldn’t look so good.
This is the classic disclosure. If we didn’t have a problem, we wouldn’t have a problem.
