Reply #19: No I am talking about 2007. This is how the system works TODAY [View All]

[MindMatter]

For Christ's sake, look it up before you spout off about it.

In the Indymac failure, lots of depositors will lose a substantial portion of their deposits, just as people did 20 years ago with the S&L scandal. There was insurance on the S&L accounts too, only up to a limit. Deposits above that level were lost.

If you have more than $100,000 to deposit, you can have it completely insured by being careful to put it into accounts with different banks. However, beware that banks are merging all the time. If you have $100,000 deposited at each of two different banks and they merge, you now have half your money at risk and have to move it again to get full protection.