Originally Posted by Chris

note: The FDIC guarantees $250k if the BANK FAILS and pays that money to the ewallet business (paxum for example) and not to account holders of paxum (webasters). at any single time any serious money transfer business like paxum has several millions floating and that 250k does not cover much. If a company was to go bankrupt again that FDIC does not cover people's money in any way , thats why we say that it is bullshit and anybody bragging about FDIC insurance just takes people for fools.
but its 10pm here and I'm going to get some rest