Quote:
Originally posted by KRL
The bank Stormpay is affiliated with through the GlobalPay ATM card is First National Bank of Central Texas. You get a FDIC insured bank account with the GlobalPay ATM card.
The bank is here: http://www.fnbct.com/index.html
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I tried stormpay.com, thing works fine.
FDIC insured bank account means 0.
If bank bankrupts and needs to be liqudated, dont even count on FDIC to cover losses.
Insured by FDIC" it means that if the bank doesn't have enough money to pay back the people it owes money to, including the bank's depositors, and is closed, the FDIC will make sure all of the depositors get their money, up to the insurance limit which is $100,000. To be insured by the FDIC, a bank must prove it is being run profitably and fairly.