Originally Posted by 01001010
muz, you need to understand that this plan was set up so there's no inconvenience to the customer should your bank fail. If your account is insured, you shouldn't run out and withdraw it unless it's absolutely necessary.
If you do, you're only adding fuel to the flames. That's partly why Washington Mutual failed. People withdrew when they heard WaMu was under troubled waters. This causes a bank run. Something the FDIC is trying to prevent.
well i dunno how it works over there but over here the government personally insures all the money in bank accounts up to the value of 35k , all i was saying is if your bank goes under there is obviously going to be inconvinience as you claim to the government to get your money back which could take a while
i know that you shouldnt run out and withdrar i whitnessed the exact damage it did to northern rock over here in the UK and the damaage it also did to HBOS as people panick withdrew money however i am just saying i don not blame people for wanting their money and i can see why they do it