So… we may be losing our bank deposits now?
In the US at least. There have been a few bank failures in recent years, something I thought just didn’t happen anymore. However, this Business Week story is talking about 90 US banks about to keel over - admittedly, a small amount of the total number of banks - and how much you can expect the FDIC to cover if it happens. (Shame Business Week doesn’t have embedded videos, actually.)
New Zealand doesn’t have an FDIC like the US or elsewhere in the OECD, so if a bank carks it, or there’s a run on one, your money is probably lost.
Umm, should we start to worry? Just a little?
