I have never heard that! In EVERY case of a bank or S&L failing (and there were a lot of them in the 1980s) insured depositors had access to their money within a day. Deposits were simply transferred to a solvent bank. No depositor has ever lost a penny in insured deposits. (Yes, those who had over the insured limit sometimes had to wait to get their money back, and some didn’t get it all back — but that was for accounts OVER the federal insurance limit!
Just look at what the FED chairman, Jerome Powell, has promised: He will create enough money to keep the system going There’s a lot to worry about these days, but FDIC insurance is NOT one of those things!