Re:SVB Depositors, Investors Tried to Pull $42B Thursday
by jbverschoor on Saturday March 11, 2023 @08:23AM
(#35108083)
Yup. you just have a claim on that institution. It not like holding stock or bonds
Re:SVB Depositors, Investors Tried to Pull $42B Thursday
by ProllyInfamous on Saturday March 11, 2023 @11:19AM
(#35109655)
Further, the FDIC (a US insurance agency with sweeping banking powers) guarantees that you will be able to redeem AT MOST AND UP TO $250,000, per account; guaranteed by the "legitimacy" of the USDollar (aka Taxpayers and US Debt holders).
> At the moment of deposit, the funds become the property of the depository bank.
> Thus, as a depositor, you are in essence a creditor of the bank. Once the bank accepts your deposit, it agrees to refund the same amount, or any part thereof, on demand.
At least in New York state, the answer to the first question is no. I imagine it's the same everywhere else.