By Terry Savage on July 12, 2020 | Wild Card

Hi Terry, I’ve been told they have up to 99 Years to pay you back as FDIC insurance goes, is this true? THANK YOU SO MUCH P. S. Can you please e-mail me back your reply if at all possible Again Thank you and Bless you

Terry Says

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!



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