Everyone knows that your money is safe in an FDIC insured bank because if the bank fails (Hello, IndyMac!) the FDIC will step in and repay your money (generally, up to $100,000.) But what if the FDIC runs out of money? It doesn’t have an unlimited supply and enough bank failures could completely drain its fund, says ABCNews:
deposits
If Enough Banks Fail, The FDIC Could Run Out Of Money
By 8.27.08
Help! How Can I Make Sure My Money Is Covered By The FDIC!?
By 7.17.08
The FDIC says there were over a billion dollars in assets at IndyMac that were not covered by the FDIC. Why not?
Help! AT&T Wants A $750 Deposit, But I Really Want An iPhone!
By 7.1.08
Dana’s divorce left her with crappy credit and now AT&T wants a $750 deposit! She’s wondering if anyone has any advice for avoiding such a large deposit…
Chase: Thanks For Depositing $3,193, Here's $200 In Non-Sufficient Funds Fees
By 5.27.08
Johanna deposited a financial aid check from her university into her Chase checking account. She’d done this before without incident, but this time something went wrong.
Commerce Bank Can't Decide Whether Funds Are Available Or Not
By 5.5.08
Meg in New Jersey wants to know what’s up with her Commerce Bank account. They say if you deposit a check before 6pm, the funds are made available that day—but when she did just that and then transferred the funds to another account, she was hit with a $35 “uncollected funds fee.” She never got a straight answer out of the Commerce CSR, and although they refunded the fee, they told her she “could only get that refund once ever,” as if to say it was her fault the fee was assessed.
AT&T Fails To Provide Service, Holds $750 Deposit Hostage For Two Months
By 4.19.08
AT&T demanded a $750 deposit from Richard before selling him an iPhone, but couldn’t provide service because they improperly entered his address. Richard spent hours at the AT&T store trying to fix the mistake before deciding to cut his losses and recover the deposit. AT&T promised to refund his money in 7-10 days. That was two months ago. Why the hold-up? AT&T can’t issue the refund because they don’t have Richard’s proper address.
"I Lost My Deposit Slip, And PNC Says There's No Record Of My Deposit"
By 3.8.08
Nicholas wrote in with a scary problem: his paycheck, which he deposited at his local branch of PNC on Saturday, never showed up in his bank account. The teller seemed to have difficulty processing the deposit, but the slip he gave to Nicholas showed the check had been processed.
Nissan Dealership Won't Refund Deposit
By 3.3.08
Jay writes in with a question: how do you get back your deposit from a car dealership when a deal goes sour? The salesman jacked up the price after an initial negotiation, and now won’t refund the deposit: “He said we’d be surprised at what he can make up to keep the deposit.”
Landlord Cancels Deposit Check, Makes Other Checks Bounce, Sucks
By 3.6.06
Thanks to this, several of his checks bounced and he got lots of insufficient fund fees.
Chase Chased: We Only Give You Your Money Because Uncle Sam Says We Have To
By 12.16.05
Reader Michael D. saw the post yesterday about Chase’s deposit weirdness, where they hold onto your money from big deposits for days and then eke it out bit by bit unless you fill out special forms. Michael decided to ask Chase why they were so retarded, and if their parents really told them paint chips were wall candy.
