Bankruptcy Lawyer Monticello UT

bankruptcy attorney Monticello Utah

Can the FDIC go bankrupt?

The Federal Deposit Insurance Corporation (FDIC)

Was established in 1933 and guarantees bank accounts for up to $250,000. But can such an organization go bankrupt?

It’s a question that people commonly ask, but the answer is a bit complicated. The short answer is: no, the FDIC itself can’t go bankrupt. The longer answer is that it’s possible for the bank insurance fund to become insolvent, and for the FDIC to be unable to honor all deposits in its accounts in that event.

Agencies involved in protecting bank deposits

The Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve. The FDIC is a government-created institution that guarantees certain types of deposits in member banks. These deposits are insured up to $250,000 per depositor per bank. If your bank fails, and you have more than $250,000 on deposit there, then you’re covered by the FDIC up to that amount.

The Federal Reserve System

The second agency, the Federal Reserve System oversees banks’ capital ratios and their overall financial health. If your bank is well capitalized and has a healthy balance sheet (meaning it holds sufficient assets against likely liabilities), then the Fed will allow it to continue operating without restriction; if not, it’ll require them to take remedial measures or shut them down.

The FDIC cannot go bankrupt under any circumstances

It is formally known as the Federal Deposit Insurance Corporation, and it’s a government-backed insurance program that protects bank accounts up to $250,000. The money it has to keep on hand to pay claims comes from assessments that banks pay into the system.

What the FDIC could only pay

This means that if every bank in America were wiped out by some calamity and had no funds left, the FDIC could only pay off a maximum of $250,000 per person or couple. If you have more than that in your bank account at any given time, you will still be covered, but you’ll have to divide your money into subaccounts of less than $250,000 each.

If you have any questions, you can get a free consultation with the Best Attorneys in Utah.

Ascent Law LLC:
8833 South Redwood RoadSuite C
West Jordan, UT 84088
(801) 676-5506


When you need a Bankruptcy Lawyer, contact this law firm:

Michael R. Anderson, JD

Ascent Law LLC
8833 S. Redwood Road, Suite C
West Jordan, Utah
84088 United States

Telephone: (801) 676-5506
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Monticello, Utah

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Monticello, Utah
San Juan County Courthouse

San Juan County Courthouse
Location in San Juan County and the state of Utah.

Location in San Juan County and the state of Utah.
Coordinates: 37°52′9″N 109°20′31″WCoordinates37°52′9″N 109°20′31″W
Country United States
State Utah
County San Juan
Founded 1887
Named for Monticello

 • Mayor Tim Young
 • City Manager Oliver Crane (Interim)

 • Total 3.66 sq mi (9.49 km2)
 • Land 3.66 sq mi (9.49 km2)
 • Water 0.00 sq mi (0.00 km2)

7,070 ft (2,155 m)

 • Total 1,824
 • Estimate 

 • Density 537.39/sq mi (207.48/km2)
Time zone UTC−7 (Mountain (MST))
 • Summer (DST) UTC−6 (MDT)
ZIP code
Area code 435
FIPS code 49-51580[3]
GNIS feature ID 1443568[4]

Monticello (/ˌmɒntɪˈsɛl/ (listen) MON-tih-SEL-oh) is a city located in San Juan CountyUtah, United States and is the county seat. It is the second most populous city in San Juan County, with a population of 1,972 at the 2010 census. The Monticello area was settled in July 1887 by pioneers from The Church of Jesus Christ of Latter-day Saints. Monticello, named in honor of Thomas Jefferson’s estate,[5] became the county seat in 1895 and was incorporated as a city in 1910.[6]

Monticello, along with much of San Juan County, experienced an increase in population and economic activity during the uranium boom from the late 1940s to the early 1960s.[7] Several uranium and vanadium mines were opened in the area, and a uranium processing mill was operated in Monticello by the Federal Government from 1948 to 1960.[8] Following the uranium boom, a massive cleanup project was conducted by the U.S. Department of Energy from 1989 to 2004 to remove radioactive material from lands and buildings and to restore the land formerly occupied by the mill.[8]

An 18-hole golf course, The Hideout, was built near the reclaimed site of the uranium mill using DOE cleanup funding in 2000.[9] The Hideout has been ranked the No. 2 Golf Course in Utah[9][10] and the No. 23 Municipal Golf Course in the U.S.[11]

In 1998, The Church of Jesus Christ of Latter-day Saints dedicated the Monticello Utah Temple, the first in a series of mini temples and the 53rd temple for the church.

Monticello rests at the base of the Abajo Mountains on the Colorado Plateau.

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