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<p>[QUOTE=&quot;fatima, post: 1310578, member: 22143&quot;]The primary purpose of the FDIC isn&#039;t to insure your deposits, but rather to be the independent government auditor that banks are being operated responsibly.&nbsp; As part of that, the deposits of these banks are insured by the government.&nbsp;&nbsp; If the bank isn&#039;t a TBTF bank, then it&#039;s the FDIC&#039;s responsibility to close insolvent banks and move the assets elsewhere.&nbsp; If that happens, then up to $250K of the depositors assets are insured.&nbsp; <u>Officially</u>.&nbsp; </p><p><br /></p><p>Unofficially, you are correct.&nbsp; The system is now a farce given the amount of money the Federal Reserve has parked at the TBTF and other banks.&nbsp; During this long topic, I never said that fiat currency, and how it is now being handled by the Treasury, the Federal Reserve, Wall Street, the Politicians, and the lack of regulation was sound or even being operated as intended.&nbsp; Clearly it isn&#039;t.&nbsp; I&#039;ve only contended, while having rotten tomatoes tossed at me by those unable to accept it, that all money in the banking system these days is fiat currency issued by the Federal Reserve, aka FRNs.&nbsp; Fiat money systems only work where there are no competing currencies.&nbsp; </p><p><br /></p><p>BTW, in November 2010, FDIC coverage was changed to &quot;unlimited&quot; for checking accounts.&nbsp; It will remain this way until the end of 2012.[/QUOTE]</p><p><br /></p>

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