As many of you know the market is a bit crazy right now. I am not an expert on economics but do find it interesting. Some say we are in a recession and others can point to statistical data saying the we are not (and that it still will get much worst).
But what is clear, something is going down when you hear very serious rumors that banks (like Wachovia) are flat-lining. That is a scary concept. One that reminds me of the movies depicting what it was like in the great depression and people wanted to get their money out of banks.
Rest assured though. If you have less than $100,000 in your bank account then you are FDIC insured up to that amount. This has always been an imaginary security blanket in my head that I was glad was there but could not see it ever being necessary.
If Wachovia does indeed go under this is a terrible thing so please excuse me if this sounds insensitive, but a part of me is curious how the federal government will give people their money in the event that this occurs.
I currently have an account open with a minimal amount of funds in a bank that is currently in question and want to see how long and how efficient it is getting our money back from FDIC insurance.
Update: Just heard that citibank bought out Wachovia. I do not have all details but from what I understand this will not effect account holders with Wachovia. So, this is good news that no one will lose money. Glad FDIC insurance is there just in case though.
