Re:The Real Reason The Poor Go Without Bank Accounts
by _delirium on Saturday September 21, 2013 @04:29PM
(#6424373)
Typically funds are available by the next business day, at most within a few days: http://www.snopes.com/business/bank/fdic.asp
No bank statements or formal claim for reimbursement is needed; the process is entirely automatic and usually done in less than 24 hours.
Re:The Real Reason The Poor Go Without Bank Accounts
by ceejayoz on Saturday September 21, 2013 @04:33PM
(#6424398)
> If a bank failed, how long would it take to be reimbursed by the FDIC? Probably much longer than a poor person could weather.
In most cases, the FDIC takes over the bank and runs it (in a matter of hours), specifically to prevent this sort of impact.
Also, if you chose to forgo paper statements to "save the environment" (and reduce the bank's costs), and you were lax in downloading your statements, it would probably take even longer to be reimbursed.