For example, my mortgage is through JP Morgan Chase. Do credit cards and mortgages and such just get wiped out? Or do they demand people pay their balances all at once? Or does another bank buy them out and the debts are transferred? How does all of that work?
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What about deposit accounts like savings, checking? What happens to your money if they go bankrupt and there is no "debt" to sell?
That's where the FDIC comes in, and they probably find another bank or banks to take on the deposit accounts.