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Wang Dang is a great patriot and I have enjoyed his calls for several years, but he is factually wrong on occasions. A very important clarification for all currency holders is needed.
Wang Dang stated that in 2008, Dodd Frank raised the $250,000 insurance limit to an UNLIMITED amount for individuals. Actually,In 2008, the FDIC insurance limit was raised from $100,000 to $250,000 on bank accounts.
The current FDIC Insurance limit is $250,000 for individual accounts. So if a person has funds up to that amount, they will be able to recover everything they have been saving.
What types of accounts does FDIC Insurance Cover?
FDIC Insurance only covers extremely safe accounts in government regulated institutions. Banks that can and must purchase this insurance are subject to additional regulations but are also blessed with the appearance of much higher safety and security.
This error for investors could be catastrophic if not corrected..
Right, but to be even more honest the FDIC doesnt even have 1/4 of the funds to cover every ones $250,000 insurance. Its all a big scam and lie to the American people. Never trust the greedy bankers or govt with promises they never keep... blessings