Have you ever thought maybe a mass panic of people trying to withdrawl all their money from BofA might be a bad thing? I'm pretty sure they can't afford to have something like that happen because they don't literally have EVERYONES money at once. I'm just going to throw 'you people' into the idiots bin for the time being. Ugh..
Edit: ok, it's a joke I get it. But this goes for the people that have been making a fuss about this shit.
Have you ever thought maybe a mass panic of people trying to withdrawl all their money from BofA might be a bad thing? I'm pretty sure they can't afford to have something like that happen because they don't literally have EVERYONES money at once. I'm just going to throw 'you people' into the idiots bin for the time being. Ugh..
Edit: ok, it's a joke I get it. But this goes for the people that have been making a fuss about this shit.
Who withdraws their full account funds in cash anyways? You just make a bank-to-bank transfer. It's moving digits around in a database. Paper money is dead.
Who withdraws their full account funds in cash anyways? You just make a bank-to-bank transfer. It's moving digits around in a database. Paper money is dead.
Ok but could they afford to even move so many digits at once? I'm sure at least a couple people would be shitting their pants.
Ok but could they afford to even move so many digits at once? I'm sure at least a couple people would be shitting their pants.
They'd close shop and the FDIC would then move the digits.. either way its not like you're NOT going to get your money. Unless your 100k+ then you get like 30 cents on the dollar for anything over that. Most people are smart enough to move their cash around, CDs, third party savings, IRAs etc. It's really small business owners who are in limbo (100k in, 34k about to go out, then bank shuts down)
The FDIC insures accounts at different banks separately. For example, a person with accounts at two separate banks (not merely branches of the same bank) can keep $100,000 in each account and be insured for the total of $200,000. Also, accounts in different ownerships (such as beneficial ownership, trusts, and joint accounts) are considered separately for the $100,000 insurance limit. The Federal Deposit Insurance Reform Act of 2005 raised the amount of insurance for an Individual Retirement Account to $250,000.
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