What happens if a bank collapses?

  • Thread starter Thread starter potterwayl
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potterwayl

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If a bank were to shut down completely, what would happen to your bank account's money? Does the government pay you back a certain amount? Or do you just lose everything?
 
Your money is guaranteed up to 100K. So if your bank closes do not go stand in line to have the cashier tell you the exact same thing.
 
The banks today have a federal insurance called the FDIC that protects the customer by insuring up to one hundred thousand dallors, anymore than that you loose, that is why some people have several accounts in one bank. the money is backed by the Government for the one hundred thousand dollars,
 
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