Somewthing weird happened the last time I was at the CREDIT UNION. They offered a high interest savings account that they said was an "overnight inter-bank lending account".
I asked for some details, money isn't accessible overnight and comes back the next day with some interest.
When i asked what happens if the bank that this money is loaned out to closes overnight with our funds?
The person smiled and said the funds are FDIC insured. When I said, so the next day the account would be at Zero and I would have to file a claim?
Somewthing weird happened the last time I was at the CREDIT UNION. They offered a high interest savings account that they said was an "overnight inter-bank lending account".
I asked for some details, money isn't accessible overnight and comes back the next day with some interest.
When i asked what happens if the bank that this money is loaned out to closes overnight with our funds?
The person smiled and said the funds are FDIC insured. When I said, so the next day the account would be at Zero and I would have to file a claim?
PASS.