Originally Posted by
DJGMaster1
If you think I would like to wait for the FDIC to wind down a major financial institution before I get access to my funds, you are mistaken. Obviously, if I were to switch my accounts, I would prefer to switch them to an institution that I don't anticipate failing.
I have now had 2 financial institutions failed while I had deposits in them (WaMu and a small regional bank). In both cases, the FDIC transferred my funds to another institution within a few hours.
In the majority of cases, the FDIC will simply sell the deposits to another institution and it will be a seamless transition. In the rare case that no other institution wants to buy them, you will need to transfer your money to another bank yourself, either online or in person, or wait for a check in the mail, which will come within a few days depending on USPS.
I don't think stability of the financial institution is anything to be concerned about, provided of course that you are below $250K.