Here's the situation: I have two CD's in Fremont General (FMT). Fremont seems to be on the ropes. Their stock is at $2.77 as of Wednesday, Oct. 31. From what I've been told (and reassured) that my two accounts are insured. One CD is due early Dec., the other is due in Feb. I'm not sure Fremont is going to be around in Feb. If I take my money out of the Feb. CD, it will cost me about $600 in penalties. So, do I sit and wait until the CD (or CDs) become due, or do I just close either one or both out, or do I file insurance claims if/when Fremont folds?
Anyone have any idea if a bank (i.e. Fremont) just goes out of business in this climate, or are they taken over by another bank?
Anyone have any idea if a bank (i.e. Fremont) just goes out of business in this climate, or are they taken over by another bank?