I have an account with IB and they put my trading funds in a Citibank account. With all these banks going under, is my funds at risk if Citi goes under as well? Is anyone out there worried about their funds with Citi?
Nothing to worry about.....if Citi fails everyone has much bigger problems, like a total collapse of our financial system.
What FDIC? Its somekind of government insurance right? Sorry for these dumb questions but im from Australia and im not familiar with US banking rules. I was actually comtemplating closing my positions and wiring my money out back to my Aussie bank account today!! Im worried because someone on another thread said citi may be next. I know that quite impossible but if Lehman, BSC and AIG can collaspe...and these are no small fry either, hey who knows, Citi could be next. Never say never. When i opened my account at IB, they put my cash in a cash management account at Citibank. So for you guys in the same position, there's nothing to worry about??