Yes, pretty much like a financial institution which only does this type of account and does not pursure profit, offer loans/products, invest, or arrange finance. No interest, no commissions, totally fixed fee-based I guess. Also, I'm not sure how savings accounts are treated by US law, and whether banks are allowed to flaunt these ostensibly inaccessible funds when seeking finance, or how they appear on financial returns, or even how credit agencies look at them. I'm also not sure if you can freely withdraw cash without penalty from a US savings account. Mind you, when I say freely, that means the bank should not be allowed to arbitrarily decide stuff like: which actions require attending the branch, and which ones don't. It's a real problem when your bank arbitrarily decides that anything where you put cash IN can be done remotely, but anything with cash out must be done at the crowded ultra-bureacratic branches. Equally important, are these funds segregated and under US bankruptcy law, where do these account holders rank during liquidation? I don't know the answers to these questions. If people had to choose between the savings accounts of all the banks, we have part of the same predicament again. It's nice to have options, but the compexity/quantity of options seems totally de-linked from the financial knowledge/sophistication of customers. Either education needs to improve or we need more stringent rules for these institutions. Can you imagine the horror of an artist who has to determine the difference between APR, annual, compounding, etc? This is how it looks to them: bla bla bla bla MORE MONEY bla bla bla 6.23765846% bla bla. I don't trust a savings account under Citibank anymore than I trust a good-hearted company to make profit for me.
Savings accounts for registered, FDIC-regulated retail banks in the United States are insured by the FDIC for any amount under $250,000.
The FDIC was a good idea back when people believed big sovereigns were risk free. Also, the FDIC must have a cost (which is ultimately passed on to you), which you are paying for. This cost is created by the government's terrible regulations. Do you buy insurance from the guy who sold you a crappy car?
So your solution to the possibility of the FDIC failing is to ensure banks are not-for-profit? I don't really think anyone sees a bank run on retail deposit banks as a potential weakness. Even in the depths of 2008, most FDIC-insured retail banks were still going pretty strong, as encapsulated by the acquisitions they were able to make to stabilize the system (most notably BOA's purchase of Merrill).
Someone mentioned a stroke. Hoping for the best for Dr. Paul. https://www.foxnews.com/politics/ro...tionary-reasons-in-texas-fox-news-has-learned
I thought he was dead. He sure has been silent on the actions of his son and how they have been opposite of what he ran on. I remember when he was a big as Bernie.
