Quote:
Originally Posted by drr47
Boomer makes a good point, just because you buy a product at the bank, doesn't mean that it is FDIC insured. Many banks, local and national sell non FDIC insured products. If you bought an annuity from a bank, it most likely not covered by FDIC, be careful.
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Thank you, drr47, for reiterating that point.
One of the very large banks where I live is known for having tellers suggest that a customer may want to "talk to somebody in the bank, about investments" when the teller notices that the customer is carrying a significant balance. Quite often such a customer may be a senior citizen with an FDIC insured account that is about to become "subject to change" once the in-house annuity salesman gets them reeled in. You sure have to watch out for that annuity salesman in banker's clothing.
Too many people have trusted someone who happened to be sitting behind a big desk in a big bank. And the rest is history. The history that we are living right now.
Boomer