Updated almost 15 years ago on . Most recent reply
Safety of savings on deposit
I do not know about you, but with all the troubles you read about concerning Bank of America it makes you wonder if your money is safe with them. If I had any funds in their bank - I would take it out as fast as possible. Then I think I would be able to sleep better at night!
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Jon Holdman
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Jon Holdman#3 Real Estate Deal Analysis & Advice Contributor
#3 Real Estate Deal Analysis & Advice Contributor
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It is FDIC protected, as long as you're below the FDIC insurance limits. Now, perhaps you're concerned that the FDIC won't be able to pay off such a big default, or that a B of A failure would trigger a complete collapse of the US economy. But, so far at least, the FDIC has made good on all insured funds.