I got a bunch of money in the mail yesterday. It was unexpected and, normally, would have been a lovely surprise. In this case, though, the checks were accompanied by a letter from the Federal Deposit Insurance Corporation stating that the bank in Chicago where I kept a few CDs had gone belly-up. Three weeks ago. Without my knowledge.
The checks were for the total amount of my deposits, with interest, that the bank had on hand when it collapsed. I don’t have to argue or fight or sue anyone to get my money. I just have to go re-deposit my savings somewhere else (and you can bet it will be somewhere else that is FDIC insured).
What a terrific system. I’m truly impressed. It’s a rare occasion in this continuing recession when the big guy doesn’t bring the little guy down with him.