Somebody posted that picture of Millbury Savings on a thread about Cyprus. I find it amusing that the poster child for bank instability is doing fine.
I don’t think anyone has ever lose a nickle in an FDIC insured account.
Who provides FDIC insurance for bank accounts? The Federal Government.
Who is taking the money in Cyprus? Their Federal Government.
Do you honestly think Pelosi, Obama, or Reid would hesitate to do something similar?
Yes, but how big of a haircut will there get?
Of course not. And no one ever will. Until they do.
You are losing nickels and more every day in your insured FDIC account.
And you have been for years. And you will continue to do so until aroune 2023-25. Over the next ten years you will lose about 45% of your wealth at this rate.
The nominal number in your account is meaningless now.