SsurebreC t1_jbl92df wrote on March 9, 2023 at 9:08 PM

Reply to comment by OMG__Ponies in Dow sheds 300 points as Friday’s key jobs report looms ahead: Live updates by OMG__Ponies

Are you not aware of FDIC is or why it was created? This is literally the reason for it.

OMG__Ponies OP t1_jblbx9t wrote on March 9, 2023 at 9:26 PM

>How long does FDIC have to pay back money?

>In fact, there is no hard deadline, 99 years or otherwise. Instead, federal law requires the FDIC to make insured funds available to depositors "as soon as possible" after a seizure, and the FDIC typically does so by the next business day.

You've been through this I take it. When I went through a bank closure, it took 5 business days to receive my money. I guess your experience was much better than mine. Yes, in theory, our money is safe, but that's like saying the home we are living in is safe during an inferno if you have fire insurance. It’s not stress-free!

SsurebreC t1_jblfrfj wrote on March 9, 2023 at 9:51 PM

> > the FDIC typically does so by the next business day.

Looks like you're an outlier. Still, waiting 5 business days isn't that long of a wait either. We used to simply be screwed if banks went under and there aren't many banks going under right now compared to a century ago.

[deleted] t1_jbm14c7 wrote on March 10, 2023 at 12:22 AM

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SsurebreC t1_jbp0vgb wrote on March 10, 2023 at 4:59 PM

Hey, not sure if you're still paying attention to this post but a bank just failed and FDIC said money will be available no later than Monday morning (i.e. one business day turnaround time). More info...

Again, your case could be an outlier but here's a real working situation that just happened to a pretty big bank with assets of over $200b.

OMG__Ponies OP t1_jbp1qct wrote on March 10, 2023 at 5:04 PM

Actually my money is in other banks. I know it is probably an unfounded fear, but . . . people might panic, and when they see this bank close, they will run on their banks, causing a cascade effect.

EDIT, thanks for the heads up, I appreciate it.

SsurebreC t1_jbp2j4s wrote on March 10, 2023 at 5:09 PM

That's exactly what happened and why FDIC was such a big deal when it created. Thankfully it hasn't been put to the test for any massive banks (ex: BofA). I'm glad your money is in other banks and safe though :]

Take care!