Even if the FDIC takes over, it is only for regulatory reasons...another bank either buys or merges with the failing bank after FDIC eats up all the bad assets. You, the customer, are not affected by this. The only way you can be affected is if your total deposits at the bank exceed $250,000.00. The FDIC insures you up to $250,000.00 per depositor. That means, if it is a joint account (you and someone else) you are insured up to $500.000.00 in that account.
You also get an additional $250,000.00 for each beneficiary. So, you and me have a joint account, that's $250K each, so together we have $500K. Then we make our kid beneficiary, that is an additional $250K so we now have $750,000.00 in FDIC coverage.
That means, if the bank fails, and we have (example) $415,232.22 in our account, we are fully insured and our money is safe! :)
There have been about 81 banks that have failed so far in the United States as of August 25 - 2009. Please do not panic!!! The changes only really happen on the back end, meaning behind the scenes. A bunch of paper is pushed around and then a new company owns the bank. That's it!
The new bank may or may not honor the account perks you have like cash back, or free of monthly charges, etc.. it all depends on what the new bank converts your account too. Usually they "grandfather" the old stuff in with their stuff to keep everyone happy. If you find out your bank is going to be taken over by a different bank, visit the new banks website and review their products to see what you may be in for. If you don't like the products, might want to find a new bank. There are plenty of banks offering good perks like cash back, free checks, free ATM's worldwide, etc. With the number of banks getting smaller and smaller, the existing ones are going to have to come up with amazing products that people will love to keep their business. THATS GOOD NEWS FOR YOU!
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