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#1 |
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Junior Member
Join Date: Jul 2008
Replies: 12
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Banks Failure - FDIC to come to the rescue
If you don't have more than $100,000.00 in the bank you are sitting pretty good, even if your bank fails. The FDIC will come to the rescue to make sure your money stays safe.
This started me thinking, though. What about money in online banks? Many people shifted their saving to online accounts because they earn a bit more interest, but I haven't heard if they are protected from huge losses that are probably heading their way. Are online banks protected from failures by a different organization, outside of FDIC, or are the accounts in online banks unprotected? Does anyone know? |
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#2 |
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Junior Member
Join Date: Jul 2008
Replies: 1
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If your online bank is an extension of a brick and mortar bank, then it is likely protected by the FDIC, you need to log on to your bank and see if it is insured.
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