Savings's Page

I majored in psychology at Haverford College and did my senior thesis on the effect of cross-sex friendship on long distance romantic relationships. Currently I'm a webmaster for a savings account website where I search for the highest cd rates and update my site with them. I also do posts on online checking account deals and any other bank rates of interest. I try to keep up on the latest social psychology literature in my free time.

A question I get a lot on my site is what happens to savings accounts when there's a government takeover of a failing bank? There is no specific time frame for the FDIC but they regularly make funds available at banks in one business day. They usually close down on banks on Friday so they can try to get them up and running by Monday. The FDIC usually tries to get another bank to take over the operations of the failed bank. When they can't do this they simply cut checks to all the depositors.

If you have any financial questions feel free to PM me.