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FDIC Consumer News - Fall 2001
Special Report on FDIC Insurance
4. Sorry, that is incorrect.
The correct answer is "False."
Until a cashier's check, money order, interest check or other official check is
cashed or deposited
elsewhere and it "clears" the bank it is drawn on, the funds are still
considered to be on deposit at that
bank. So, if that bank fails before the check clears, the FDIC will combine the
amount of the check with
your other deposit accounts in the same ownership category, and the combined
total will be insured to
$100,000.
See full story...
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