The bank is allowed to use your money to pay off debts in times of liquidation and they don’t even need to pay you back or get in trouble despite being indebted to you. Miss a penny on the credit card payment and your life is ruined for 7 years.
The uninsured deposits are all folks uncovered by FDIC--meaning more than 250k in the bank. I do not feel bad for people with more than 250k in a bank account
How does this work for business bank accounts? Is it the same amount? Like if you have 50 employees or sth your payroll and working capital would exceed this amount
Corporate accounts from what I understand aren't covered by FDIC, and a lot of silicon valley start ups had money in this bank. For example Roku says they don't know how much money they're going to get back out of the estimated $487 million dollars they have at this bank. So this could prove to be a big deal
The bank is allowed to use your money to pay off debts in times of liquidation and they don’t even need to pay you back or get in trouble despite being indebted to you. Miss a penny on the credit card payment and your life is ruined for 7 years.
The uninsured deposits are all folks uncovered by FDIC--meaning more than 250k in the bank. I do not feel bad for people with more than 250k in a bank account
How does this work for business bank accounts? Is it the same amount? Like if you have 50 employees or sth your payroll and working capital would exceed this amount
Corporate accounts from what I understand aren't covered by FDIC, and a lot of silicon valley start ups had money in this bank. For example Roku says they don't know how much money they're going to get back out of the estimated $487 million dollars they have at this bank. So this could prove to be a big deal
:data-laughing: