posted on Aug, 15 2012 @ 06:13 PM
Originally posted by andrewh7
Originally posted by AnIntellectualRedneck
Okay, I am confused here. I understand this concept, I suppose, but doesn't that mean that FDIC insurance for bank accounts of up to 100,000 dollars
would kick in?
It's actually up to $250,000. The article posted by the OP is referring to a stock broker, not a bank. The FDIC covers all bank accounts. So, the
OP's title is misleading.
not entirely, here's a piece of Blackmarketeers post on the first page. "the repeal of the Glass-Steagall Act does put commercial bank deposits at
risk, since it lets banks merge with brokerages and insurance companies."
the title is the title used by the source, so it's not my wording.
this applies to anyone who has money with the big firms, BOA, Goldman, CITI group and so on, as we're not talking about local banks at all. although
i would caution anyone to know who exactly owns their small town bank because most these days, are owned by the big companies somewhere down the line.