If a bank is going under..?

Question

It's just going under in like the loan/mortgage area, right? You don't have to rush and get your money out do you?

Answer 1

Yes and no.  If it's a member of FDIC then your money is guaranteed up to $100,000.  The only problem with that is it's not instant, so your funds will be frozen until the FDIC comes in and cleans up and gives you your money.  If you really think your bank is going under you might want to consider taking out some cash so you can pay some bills/eat/put gas in your car.

Answer 2

If your deposit is up to $100K, you have nothing to fear.  In some joint holding situations this limit can be higher too.

If you have more than $100K with that one bank, yes, you have a problem.  But then, if you have that kind of money, you should have known better, isn't it?/

Answer 3

If a bank is going under then the whole thing is going under.  However, as long as your accounts do not total more than $100,000, all of your money is insured by the FDIC and you will not lose a penny.

Answer 4

If you have more than the FDIC amount (100,000 in most cases) get your money out quickly.  If you have less your money is insured by the government so relax. (unless the government goes under)