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New FDIC Rules Are You Protected? Form

New FDIC Rules Are You Protected? Form

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[Music] Matt is in Baton Rouge hey Matt how are you I'm doing well sir thank you for taking my call sure what's up I just have a quick question so I'm a relatively new listener and I started listening just in time to hear you talk about the bank craziness going on and I'm just curious this might be a really stupid question but how can the FDIC ensure every deposit under $250,000 where do they get the money and I'm not even exactly sure what the FDIC is you give like a brief crash course rundown sure it stands for Federal Deposit Insurance Corporation it's the federal government writing insurance against your bank's failure now do they have a pile of money equal to everyone's covered amount absolutely not but your insurance company does not have a pile of money equal to everyone at State Farm totaling their car this week either if everybody total their car at once State Farm's gone they don't have that much

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