Most banks have FDIC insurance. That means, your money deposited is covered by the federal goverment program that if the bank fails, your "lost" money will be paid by the goverment. Well to be clear, the goverment dont just hand you a check for any losses, the goverment takes over a failing bank so things continue to opperate. While the bank is operating, they are selling off its assets and slowly shutting the bank down.
The problem is, the FDIC has 10-30 Billion dollars of assets. Bank deposits are 5-10 Trillion dollars. Just a little bit of a shortfall there... Thats why people always say you should never have more money in the bank than you can afford to lose. Things are fine if only a handful of banks close at any one time, if a bunch of them close, you will be getting what they call a "haircut" on your money.
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Today's Featured Article - On the Road with Dave Gohl: Deere Departed Friend - by Dave Gohl. Have you ever had to part with a dear friend? It's not easy. If it's due to death, your feelings could be in disarray for days, months or even years. Even now after almost 4 years, I still miss my dad. I remember when I was a kid my dad sometimes would tuck my brother and I in at night and we would ask him questions about his childhood on the farm. To this day, it's some of the best stories I've ever heard. And now, I'm so glad that I asked those questions, and if I were a little smarter i
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