What happens to your money if the major banks crash?

Question

What happens to your money if the major banks crash?

Answer 1

if a bank crashes your money is gone!! you would have to report it to the fdic !! and make sure its under 100,000 dollars if not you lose some money

Answer 2

you lose your money fool...lol

Answer 3

Well, most major banks deposits are insured by the FDIC, however, if a major draw on the banks happened, and they all collapsed simutaneously, I imagine, the government would not be able to cover all of that.

Answer 4

If your bank is suffering financial hardship, they will most likely first try to sell.  If they sell, you should be fine.  If they don't sell and they just crumble, then they are required to give you time to withdraw some of your money.  If you can't get all of your money, you can then file with FDIC (Federal Deposit Insurance Company).  This can take months and will eventually get you your money (if it's an isolated situation, not if all the banks crash at once).  Keep in mind that those with the most money will get paid first.  It can take months.

Also keep in mind the $100,000.00 coverage is a myth.  You can easily get more than that in coverage at the same bank simply by changing the styles of the account and your bank can tell you more about that.  Some people have 800,000.00 or more in coverage because they have sole owner accounts, joint accounts, beneficiary accounts, etc.

For more information on FDIC call 1-877-ASK-FDIC or calculate your coverage at www2.fdic.gov/edie