What happens to clients when a bank goes bankrupt?
I was reading about a bank that went bankrupt. Another larger, bank bought up all the shares but they only managed to return a portion of the money to the clients.
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A bank is only as good as their insurance. If it isn’t FDIC (Federal Deposit Insurance Corporatiion) protected, your deposit isn’t insured. There are other insurers for credit unions, savings and loans, etc. The insurance is only good up to $100K per account. I’m wondering, though, if you aren’t talking about Bear Stearns? In that case, it was the shareholders, not the depositors who were burned. The government ponied up for the accounts and the bank was purchased by JP Morgan at a bargain basement price.
Yes thats correct that not all of the share or deposit of member/depositor may return but sometimes it depend on the insurance company they have,,
Heres some tips when you have a bigger amount of money deposited in 1 bank and it will going to bankrupt, you may subdivide your account into diff. name with in your family depending on the amount insured per individual.