Gearhead Jim
Full time employment: Posting here.
The FDIC insurance tops out at 100k for "ordinary" accounts and 250k for IRA's, no secret about that. And you can juggle names somewhat to get coverage for additional accounts.
I was under the impression that if a bank fails, anyone having an account with 100k or less gets their money immediately; if over 100k, then you get the 100k immediately and the rest comes months or years in the future as the numbers get sorted out.
But a friend recently told me that if your ordinary account is over 100k, you get NOTHING immediately; you are still covered for 100k but you get whatever is coming to you all at once in the (distant) future.
That sounds goofy, but this IS a governmental agency. What's the truth?
I was under the impression that if a bank fails, anyone having an account with 100k or less gets their money immediately; if over 100k, then you get the 100k immediately and the rest comes months or years in the future as the numbers get sorted out.
But a friend recently told me that if your ordinary account is over 100k, you get NOTHING immediately; you are still covered for 100k but you get whatever is coming to you all at once in the (distant) future.
That sounds goofy, but this IS a governmental agency. What's the truth?