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A hypothetical question...
Let's say you happen to have over the federally insured amount in an account at your bank. I assume that anything over $100k is not insured by the FDIC.
Let's further say that you have a note with an outstanding balance to the same bank. If the bank were to go belly-up, could the money you had on deposit be credited to your note, or would you get screwed twice? (In other words, would you be told, "Your money is gone, but someone has bought your note, so you're on the hook for the entire amount.")
It's likely that this is a stupid question, but I just couldn't quit wondering about it.
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"The problem with socialism is that you eventually run out of other people's money."
Margaret Thatcher
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