I didn't think so! Let me explain about the legal ramifications of those so-called deposits. For nearly 200 hours, the courts have sanctioned an interpretation of the term "deposits" to mean "NOT" funds that you deliver for safekeeping but a "loan" to your bank. Let me repeat that statement this way. You bank balance is an "IOU" from the bank to you, even though there is no "loan contract and no required interest payment." Yes, legally speaking, you have a claim on your money deposited in the bank, but practically speaking, you have a claim only on the "loans" that the bank makes with your money. In other words, your money is only as "safe" as the bank's loan portfolio.
Keep an eye on your bank, just like you monitor your credit reports and scores. How does one do that? Well, check-out Veribanc, which, for a small fee, rates the overall financial health of financial institutions, and the FDIC.
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