If an FDIC insured bank goes under, how long does it take to get your money back?

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If an FDIC insured bank goes under, how long does it take to get your money back?

2007-10-26 10:30:17 · 2 answers · asked by Anonymous in Business & Finance ➔ Personal Finance

Thanks Tom, I felt it would be a long time. The reason I asked was Countrywide Bank has artifically high rates right now and with Bank of America buying them out I cannot trust them, and they way they would word the buy-out/take over.

2007-10-26 11:21:54 · update #1

2 answers

by law they have 99 1/2 years to get it back but on average it takes about 7 years i know because i am working at a bank right now and my boss told me

2007-10-26 10:50:29 · answer #1 · answered by Tom Q 2 · 1⤊ 0⤋

Tom is correct, they have 99 years. However, FDIC is not a bank, it's a Federal Insurnace Company. Unless the government and the Federal Reserve Bank go bankrupt, FDIC is pretty secure.

2007-10-27 04:23:03 · answer #2 · answered by KillerKat 3 · 0⤊ 0⤋