What happens to my mutual funds if my broker goes bankrupt?
spaceskating_girl asked:
There are several banks out thre which also offer brokerage services. some of the banks may declare bankruptcy due to the credit crisis. I have mutual funds in one of those banks. The funds are holdings of all kinds of stock so I would assume they continue to exist. Or am I wrong? Please advise.
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There are several banks out thre which also offer brokerage services. some of the banks may declare bankruptcy due to the credit crisis. I have mutual funds in one of those banks. The funds are holdings of all kinds of stock so I would assume they continue to exist. Or am I wrong? Please advise.
March 16th, 2009 at 11:44 am
You’re covered by insurance up to x amount, usually 100 Grand, although they usually cover all your money exceeding that amount.