What will happen to consumer savings and checking accounts if credit markets collapse?
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Ff European banks/markets collapse like some speculate, and domestic banks are collateral damage of that collapse, what does that mean for U.S. consumers who have their only assets in checking/savings accounts?
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Answer:
As long as consumers have their accounts in financial institutions insured by the FDIC, nothing will happen. FDIC covers up to $250K in deposits in these accounts.
Mark Dawes at Quora Visit the source
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