I apologize for drifting the thread, but...

Interesting and insightful; contains useful advice. Nothing like firsthand accounts from those who've been there. But, in the interest of accuracy, with regard to statements made by the teller:
Quote:
He warned me that some of these local banks will almost certainly fail, as they don't have a single branch above water, and the customers and businesses they served are also gone so checks drawn on them will eventually prove worthless [emphasis mine]
.
As most of you know, those funds are FDIC insured up to prescribed limits thus the checks would only be "worthless" were they drawn on accounts outside the limits (and households can have coverage greater than $100K limit, depending on how accounts are held).

To go a bit further, – and I say this acknowledging that emotions were high – I question the wisdom of the teller spreading speculative doom and gloom anyway. That contributes nothing to the situation.


My .02 FWIW.

Dan
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"Things that have never happened before happen all the time." — Scott Sagan, The Limits of Safety