No. of Recommendations: 2
Others may disagree with me, but if this product suits your needs, I would go for it. I was both the holder of a mortgage and a CD at Goldome Bank when it failed in 1991 (part of the "savings and loan crisis" of that era). The transfer of assets to another bank--Key Bank--was done, literally I believe, overnight. As I recall, before I knew what had taken place I was mailed new payment books, statements, account numbers, etc. There was no time for any concern, no delay. It was a done deal.

At this point, I'm a tad more concerned (but only a little) about the cash holdings in my core account at Fidelity (backed as it is by commercial paper) than I am about the financial status of the bank(s) where I have FDIC-insured CDs.
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