Did you know that if your bank fails, the FDIC has 30 years to reimburse you?

[BenBurch]

Its true!

Everybody knows the $100,000 limit, but very few people realize the 30 year time-line on that!

[The Central Scrutinizer]

Its true!

Everybody knows the $100,000 limit, but very few people realize the 30 year time-line on that!

Link?

[van_dutch]

Where did you find that? I know there was at one point a myth floating around that the FDIC had 99 years to pay. I find this:

http://www.fdic.gov/regulations/laws/rules/1000-1240.html#1000sec.11f

which states that they have to pay as soon as possible. it does not set a minimum or maximum.

[BenBurch]

Hmmm... Maybe I was hoodwinked. That was on the local radio business news today, but I can't find anything online to support it.

[skepticalbeliever]

Just don't keep your money in a bank thats stock trades at $ 5 or has negative earnings per share. If you keep it in any of the banks that were not involved in subprime you'll be fine.

[quixotecoyote]

Hmmm... Maybe I was hoodwinked. That was on the local radio business news today, but I can't find anything online to support it.

That will be 5 whacks of the skeptic stick :hit:

[The Central Scrutinizer]

Hmmm... Maybe I was hoodwinked. That was on the local radio business news today, but I can't find anything online to support it.

Two words: Urban Legend

[Francesca R]

Just to confirm. This is wrong.

[Gazpacho]

This rumor could be based on the notion that people with uninsured deposits above the $100,000 mark might (academically) have to wait until all of the bank's loans are repaid, with a typical mortgage lasting 30 years.

That's not a typical situation, and doesn't support what the rumor claims, so it's nonsense twice over.

[ponderingturtle]

Its true!

Everybody knows the $100,000 limit, but very few people realize the 30 year time-line on that!

I have it you are Amy Wilson!

Its True!