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What can i do if my bank goes bankrupt?

Isn't there some kind of government protection for the people?

asked by essenhmegmailcom (24)

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Tags:  business  money

answers

If your money is in a typical bank account it will be FDIC insured up to a certain ammount (in the hundreds of thousands) and backed by the government.

7 votes

Yes, it´s called the Federal Deposit Insurance Corporation, FDIC. You should check if your bank is insured by the FDIC. If it is, then if the bank fails, the FDIC will send a letter to your address on file at the bank. The FDIC insures up to $250,000 per account at a bank.

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posted by Montoya (24)
7 votes

Yes, it is called FDIC which is Federal Depository Insurance that will protect your account for up to 250,000. The account and money will just be rolled over to the new bank.

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posted by maber (1416)
6 votes

The Federal Deposit Insurance Corporation (commonly called the FDIC) insures deposits up to $100,000. If your bank goes bankrupt, you will be completely reimbursed if you have this amount or less in your accounts. The FDIC will probably contact you, but you can also get in touch with them if you want to make a claim.

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posted by John (7928)
5 votes

In the united kingdom the government protects and guarentees the first £50,000 of money invested with any finacial institute so if you rich spread it about

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posted by Arioch (171)
4 votes

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