As the American banks are failing do you really believe your money is safe because your bank is FDIC insured?

Question

As the American banks are failing do you really believe your money is safe because your bank is FDIC insured?

Answer 1

Fractional Banking is a corrupt system and no I don't feel safe putting my money in a bank.

Answer 2

Hey, read this:

"How Safe is My FDIC Insured Bank Account?"

http://www.chrismartenson.com/how-safe-m...

Answer 3

Our deposits in the banks that are covered by the FDIC are ultimately covered by the US Treasury.  In the event the FDIC were to go bankrupt (such as happened to the FSLIC in the 80's) Congress would appropriate money from the treasury to cover those insured deposits.  Ultimately the deposits are insured by the US taxpayer.  This insurance system has been in place since the 1930s to provide an element of safety in our banking system.

So, yes my money is safe in my bank because it is insured by the FDIC.

(Unless you believe the US government is going to go through some sort of drastic restructuring here in the near future??)

Answer 4

The FDIC would need to borrow all that money. That's what the current administration has been doing for 8 years anyway, borrowing, borrowing, borrowing and borrowing. Then spend most of the borrowed money on a senseless war, while taxes are cut. Helluva job, Georgie! First you bankrupted all oil companies you ever ran, now you're bankrupting America

Answer 5

Only one bank has failed, so if you mean am i worried about ONE bank failing, that's not even remotely associated with me, than I'd say no.

Also, yes I feel my money is safe, My family has a decent amount of money, but we are not loaded (we don't have any bank accounts with over $100,000). The FDIC insures $100,000 in every bank account, so if my family has 3 bank accounts, and none of them has more than $100,000 (which they probably never will), I'm guaranteed to have all the money I've put in the bank.

Also, if people pulled out their money, (which it kind of seems like you're implying) that would only worsen the problem.

Answer 6

I don't have any trust in the government anymore.

Answer 7

The FDIC has about one-thousandth of the resources of all banks.

Answer 8

There is no such thing as "safe" for money or anything else.  Despite good diet and exercise, you can still have a heart attack.  Despite not smoking, you can still get lung cancer.  Despite looking both ways before crossing the street, you can still get hit by a car.  And despite being careful about money, you can still end up impoverished.  But that doesn't mean the FDIC isn't a good idea, or that it isn't worthwhile.  In the same way that I wouldn't needlessly invite a heart attack with bad lifestyle, I prefer to take every available precaution, both with health and money, then leave the rest in the hands of powers greater than mine, where it has always been in any case.