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Response to banned from Kos (Reply #9)

Sat Jan 5, 2013, 06:59 PM

20. And FDIC is funded by the banks, not taxes.

"The FDIC was created in 1933 after thousands of banks failed in the 1920s and early 1930s and has been protecting depositorís funds since the beginning of 1934. They are an independent agency of the federal government but they get absolutely no funding from Congress. So where do they come up with the money? They get it in one of two ways:

1. Banks and thrifts institutions pay premiums for the FDICís insurance coverage.
2. The FDIC invests those premiums in U. S. Treasury securities.

In late May of this year, the FDIC charged an emergency fee (5 cents on $100 of assets, minus certain types of capital) on banks and thrifts to help replenish that fund. It was the first time the special assessment was used since 1996! "
http://consumerist.com/2009/06/20/how-the-fdic-is-funded/

Customers of banks do end up indirectly paying for some of the cost, which is tacked onto banking/loan fees, of course.

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dixiegrrrrl Jan 2013 #20
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