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Another rural bank bites the dust


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Lee

Rural Bank of San Fernando

 

So just how safe are rural banks?  :blink: Well just as long as you keep under the PDIC limit and are willing to wait a long time for your money should the bank bite the dust, then I guess they are safe in that aspect. 

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A_Simple_Man
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Lee

Yes sir you are correct, liabilities exceed assets but just like any other govt agency in just about any country, they depend on future income and that might be one of the reasons that it takes the PDIC so long to settle with people who have larger amounts in their accounts. 

 

My opinion is what it has always been since way back before the Legacy banks crapped out, stick with real banks and stay away from rural banks for safety but in chasing higher income it seems quite a few people put risk ahead safety. Unfortunately I had done the same in the past with US banks but fortunately FDIC is more secure than PDIC, well IMHO, and at least so far but that too may change. :(  US debt clock.   :shocked:  and even with all my caution my ex-wife took care of all that anyway.  :cry:

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