What happen if the Countrywide goes under water? Does the interest you accumulate upto that point is insured if you do not exceed the FDIC insured amount? In another word, do you get both principal and the accured interest from the FDIC when bank goes under water?
R.T.F.M. 🙂 Just kidding.
"The FDIC would either transfer the insured depositor's account to another FDIC insured bank, or give the insured depositor a check equal to their account balance. This includes the principal and interest accrued through the date of the bank's closing, up to the insurance limit."
