CHESSNOID

You know every Friday the FDIC closes banks to have them read by Monday under their control.    I am surprised they don’t make big news on TV. According to CNN the last one was in Georgia:

The Federal Deposit Insurance Corporation has transferred all accounts to Stearns Bank, based in St. Cloud, Minn.

It will be business as usual for most of the bank’s customers because they are covered by FDIC insurance. But 59 of Alpha’s bank accounts whose assets total $3.1 million exceed the federal limit of $250,000.

It is the 16th FDIC-insured bank closure this year in the U.S. and the most recent in Georgia since August.

You might think well I don’t live in Georgia so it doesn’t affect me. I actually live in California and recognize that each bank that gets taken over means less money for the FDIC  to save future bank failures. It sounds like another bailout bill will be around soon. Probably next month and every month thereafter. I don’t think we will have a run on the banks since the FDIC pushed up the limits to $250,000. In this last take over, 59 people actually had more than the limit so they may lose their money above the insured amount. Why would people be that careless about their money?