alt Hacker NewsBut the company can just turn around and say, soz we don’t have your deposit. We invested it in Labubu dolls and they crashed in values. Also we lost them. Next time, DYOR.
If a bank collapses, you get your money back from the Fed, no questions asked.
You get up to the amounts insured by the FDIC, plus whatever is recoverable from the residual assets of the bank and anything else the FDIC decides to award.