varakur
08-10 07:24 PM
Hello everybody,
I just got my Labor done few days back. I am in India now, but looks like I have to file I140/485 before Aug 17th. For this, MUST I fly back immediately, or can I file from India (by couriering the required documents).
How will this work for my wife (who is on H4 now)?
If I only travel back to US, can I file for my wife too. Or I file it for myself, and file for my wife after Aug17th when she is back.
Or MUST my wife also be present in US to file the I140/485?
Pls advice.
thanks,
-Prasad
I just got my Labor done few days back. I am in India now, but looks like I have to file I140/485 before Aug 17th. For this, MUST I fly back immediately, or can I file from India (by couriering the required documents).
How will this work for my wife (who is on H4 now)?
If I only travel back to US, can I file for my wife too. Or I file it for myself, and file for my wife after Aug17th when she is back.
Or MUST my wife also be present in US to file the I140/485?
Pls advice.
thanks,
-Prasad
number30
03-28 12:27 AM
So what do I do.
I am looking to buy a SUBWAY franchise outright costing 200 K
I do not know how can you apply for the green card from the SubWay. If it was Indian hotel people apply as international Chef. But SubWay does not need that kind of expertise. If you want do the business that is fine. 200K seems little high even for the green card.
I am looking to buy a SUBWAY franchise outright costing 200 K
I do not know how can you apply for the green card from the SubWay. If it was Indian hotel people apply as international Chef. But SubWay does not need that kind of expertise. If you want do the business that is fine. 200K seems little high even for the green card.
ngopikrishnan
04-06 08:09 AM
sunil68: FYI, my company used the A# from I-140 approval on Form I-129 and that's what was quoted in the H1B approval notice.
Following are some references. Unfortunately I couldn't find the cover letter my company had sent to the USCIS. However I do remember it was a simple cover letter refering to all of the following and attached the print outs of Pearson and Aytes memos. Hope this helps.
3 Year Extension Statute under AC21 �104(c)
�104(c) One-Time Protection Under Per Country Ceiling.
Nothwithstanding section 214(g)(4) of the Immigration and Nationality Act (8 USC 1184(g)(4)), any alien who–
1. is the beneficiary of a petition filed under section 204(a) of that Act for a preference status under paragraph (1), (2), or (3) of section 203(b) of that Act; and
2. is eligible to be granted that status but for application of the per country limitation applicable to immigrants under those paragraphs may apply for, and the Attorney General may grant, an extension of such nonimmigrant status until the alien’s application for adjustment of status has been processed and a decision is made theron.
may apply for, and the Attorney General may grant, an extension of such nonimmigrant status until the alien’s application for adjustment of status has been processed and a decision is made theron.
USCIS Guidance Memo - AC21 �104(c) - from Pearson Memo, June 19, 2001:
The AC21 104(c) enables H-1B nonimmigrants with approved I-140 petitions who are unable to adjust status because of per-country limits to be eligible to extend their H-1B nonimmigrant status until their application for adjustment of status has been adjudicated. An H-1B nonimmigrant is eligible for this benefit even if he or she has exhausted the maximum 6-year period of authorized stay for H-1B nonimmigrants under 8 U.S.C. 1184(g)(4), INA 214(g)(4). The statute states that the beneficiary must:
(a) have a petition filed on his or her behalf for a preference status under INA 203(b)(1), (2), or (3) (an employment based (”EB”) petition); and (b) be eligible to be granted that status except for the per-country limitations.
Any H-1B nonimmigrant who meets the statutory requirements above may be approved as the beneficiary of a request for an extension of H-1B nonimmigrant status until a decision is made on the nonimmigrant’s application for adjustment of status.
1. Procedure for processing “one-time protection” benefits
In order for a nonimmigrant to obtain an extension of H-1B nonimmigrant status under AC21 104(c), a petitioner must file a Form I- 129, Petition for Nonimmigrant Worker, with the appropriate signature, fees, and supporting documentation on behalf of the nonimmigrant. Existing guidelines in the instructions to the Form I-129W, “H-1B Data Collection and Filing Fee Exemption” for payment of the $1,000 H-1B Nonimmigrant Petitioner Account Fee shall be followed. For example, if the petitioner is a nonprofit research organization or the petition is a second or subsequent request for extension of stay filed by that petitioner on behalf of that beneficiary, the petitioner is exempt from payment of the $1,000 H-1B Nonimmigrant Petitioner Account Fee. If the petition and request for extension of stay are otherwise approvable, adjudicating officers shall not deny a petition because the nonimmigrant has exhausted the maximum 6-year limit provided for by INA 214(g)(4). Extensions of stay under AC21 104(c) shall be made in increments of three years.
The status of a dependent of an H-1B nonimmigrant is derivative of and linked to the status of the principal H-1B nonimmigrant. Therefore, dependents are eligible for H-4 status upon the filing of an H-1B petition on behalf of the principal alien and the filing of a Form I-539, Application to Extend/Change Nonimmigrant Status with filing fee and all necessary supporting documentation for the dependent. Dependents should be advised to file the Form I-539 concurrently, whenever possible, with the H-1B petition filed on behalf of the principal H-1B nonimmigrant.
Aytes memo - Dec 27, 2005 and refer to the questions in section 3 on page 7.
III. Q & A ON PROCESSING OF H-1B PETITIONS UNDER THE “ONE-TIME PROTECTION UNDER PER COUNTRY CEILING” PROVISION OF �104(C) ALLOWING EXTENSION PAST THE H-1B 6-YEAR LIMIT
Question 1. Must an alien be the beneficiary of an approved I-140 petition in order to qualify for extension of H-1B status beyond the 6-year limit based on �104(c) of AC21?
Answer: Yes. Consistent with prior USCIS guidance on this subject, an approved I-140 petition is required in order for an alien to qualify for an extension of H-1B status beyond the 6-year limit under � 104(c).
Question 2. If an alien qualifies for an extension past the H-1B 6-year limit under �104(c), may an extension be granted for a period of up to three years?
Answer: Yes, provided all other H-1B statutory and regulatory requirements are met (e.g., the petition must request three years, and include a Labor Condition Application covering such period).
Question 3. If an alien qualifies for an extension past the H-1B 6-year limit under �104(c), may more than one extension be granted?
Answer: Yes. USCIS recognizes that in some cases, because of per country visa limitations, it may take more than three years for the alien to be eligible to adjust. Thus, despite the reference to a “onetime protection” a qualifying alien may be granted more than one extension under this provision.
P.S.
1) Pearson memo: http://www.murthaimmigration.com/wp-content/uploads/2007/09/ac21_pearsonmemo_06192001.pdf
2) Aytes memo: http://www.uscis.gov/files/pressrelease/AC21Intrm122705.pdf
Please take the above info with a grain of salt and consult your lawyer!!!
Following are some references. Unfortunately I couldn't find the cover letter my company had sent to the USCIS. However I do remember it was a simple cover letter refering to all of the following and attached the print outs of Pearson and Aytes memos. Hope this helps.
3 Year Extension Statute under AC21 �104(c)
�104(c) One-Time Protection Under Per Country Ceiling.
Nothwithstanding section 214(g)(4) of the Immigration and Nationality Act (8 USC 1184(g)(4)), any alien who–
1. is the beneficiary of a petition filed under section 204(a) of that Act for a preference status under paragraph (1), (2), or (3) of section 203(b) of that Act; and
2. is eligible to be granted that status but for application of the per country limitation applicable to immigrants under those paragraphs may apply for, and the Attorney General may grant, an extension of such nonimmigrant status until the alien’s application for adjustment of status has been processed and a decision is made theron.
may apply for, and the Attorney General may grant, an extension of such nonimmigrant status until the alien’s application for adjustment of status has been processed and a decision is made theron.
USCIS Guidance Memo - AC21 �104(c) - from Pearson Memo, June 19, 2001:
The AC21 104(c) enables H-1B nonimmigrants with approved I-140 petitions who are unable to adjust status because of per-country limits to be eligible to extend their H-1B nonimmigrant status until their application for adjustment of status has been adjudicated. An H-1B nonimmigrant is eligible for this benefit even if he or she has exhausted the maximum 6-year period of authorized stay for H-1B nonimmigrants under 8 U.S.C. 1184(g)(4), INA 214(g)(4). The statute states that the beneficiary must:
(a) have a petition filed on his or her behalf for a preference status under INA 203(b)(1), (2), or (3) (an employment based (”EB”) petition); and (b) be eligible to be granted that status except for the per-country limitations.
Any H-1B nonimmigrant who meets the statutory requirements above may be approved as the beneficiary of a request for an extension of H-1B nonimmigrant status until a decision is made on the nonimmigrant’s application for adjustment of status.
1. Procedure for processing “one-time protection” benefits
In order for a nonimmigrant to obtain an extension of H-1B nonimmigrant status under AC21 104(c), a petitioner must file a Form I- 129, Petition for Nonimmigrant Worker, with the appropriate signature, fees, and supporting documentation on behalf of the nonimmigrant. Existing guidelines in the instructions to the Form I-129W, “H-1B Data Collection and Filing Fee Exemption” for payment of the $1,000 H-1B Nonimmigrant Petitioner Account Fee shall be followed. For example, if the petitioner is a nonprofit research organization or the petition is a second or subsequent request for extension of stay filed by that petitioner on behalf of that beneficiary, the petitioner is exempt from payment of the $1,000 H-1B Nonimmigrant Petitioner Account Fee. If the petition and request for extension of stay are otherwise approvable, adjudicating officers shall not deny a petition because the nonimmigrant has exhausted the maximum 6-year limit provided for by INA 214(g)(4). Extensions of stay under AC21 104(c) shall be made in increments of three years.
The status of a dependent of an H-1B nonimmigrant is derivative of and linked to the status of the principal H-1B nonimmigrant. Therefore, dependents are eligible for H-4 status upon the filing of an H-1B petition on behalf of the principal alien and the filing of a Form I-539, Application to Extend/Change Nonimmigrant Status with filing fee and all necessary supporting documentation for the dependent. Dependents should be advised to file the Form I-539 concurrently, whenever possible, with the H-1B petition filed on behalf of the principal H-1B nonimmigrant.
Aytes memo - Dec 27, 2005 and refer to the questions in section 3 on page 7.
III. Q & A ON PROCESSING OF H-1B PETITIONS UNDER THE “ONE-TIME PROTECTION UNDER PER COUNTRY CEILING” PROVISION OF �104(C) ALLOWING EXTENSION PAST THE H-1B 6-YEAR LIMIT
Question 1. Must an alien be the beneficiary of an approved I-140 petition in order to qualify for extension of H-1B status beyond the 6-year limit based on �104(c) of AC21?
Answer: Yes. Consistent with prior USCIS guidance on this subject, an approved I-140 petition is required in order for an alien to qualify for an extension of H-1B status beyond the 6-year limit under � 104(c).
Question 2. If an alien qualifies for an extension past the H-1B 6-year limit under �104(c), may an extension be granted for a period of up to three years?
Answer: Yes, provided all other H-1B statutory and regulatory requirements are met (e.g., the petition must request three years, and include a Labor Condition Application covering such period).
Question 3. If an alien qualifies for an extension past the H-1B 6-year limit under �104(c), may more than one extension be granted?
Answer: Yes. USCIS recognizes that in some cases, because of per country visa limitations, it may take more than three years for the alien to be eligible to adjust. Thus, despite the reference to a “onetime protection” a qualifying alien may be granted more than one extension under this provision.
P.S.
1) Pearson memo: http://www.murthaimmigration.com/wp-content/uploads/2007/09/ac21_pearsonmemo_06192001.pdf
2) Aytes memo: http://www.uscis.gov/files/pressrelease/AC21Intrm122705.pdf
Please take the above info with a grain of salt and consult your lawyer!!!
JunRN
08-20 09:17 PM
https://egov.uscis.gov/cris/jsps/Processtimes.jsp?SeviceCenter=NSC
That's for NSC.
That's for NSC.
more...
yagw
06-04 01:17 AM
http://www.mercurynews.com/topstories/ci_12514065?nclick_check=1
FTA:
"...
The law would also increase numerical caps on the number of visas for countries such as Mexico, the Philippines, China and India. People from those countries hoping to immigrate to the U.S. routinely face waits of more than a decade in a system with a backlog of 5.8 million people.
..."
FTA:
"...
The law would also increase numerical caps on the number of visas for countries such as Mexico, the Philippines, China and India. People from those countries hoping to immigrate to the U.S. routinely face waits of more than a decade in a system with a backlog of 5.8 million people.
..."
uslegals
10-18 04:25 PM
Check with the attorney who has filed for 140. I guess the norm is that attorney also get RN and approval copies.
more...
gvenkat
10-12 05:54 PM
I will say this time and again. It's a piece of plastic card and until USCIS realises that we are stuck here.
It's beyond belief that they cannot process all applications by labor date filed. That would easily eliminate all the waiting for Eb-3 India
Again Eb-3 India is a minscule amount compared to any category, everyone including Eb-2 India get it in an average 5 years time. Until unless we have some practical solutions from law-makers nothing is going to happen.
If we have EAD and AP I think thats like a temporary GC and we should just enjoy whatever we want to do.Atleast these guys can give us a single document for EAD and AP for maybe 2 years.
It's beyond belief that they cannot process all applications by labor date filed. That would easily eliminate all the waiting for Eb-3 India
Again Eb-3 India is a minscule amount compared to any category, everyone including Eb-2 India get it in an average 5 years time. Until unless we have some practical solutions from law-makers nothing is going to happen.
If we have EAD and AP I think thats like a temporary GC and we should just enjoy whatever we want to do.Atleast these guys can give us a single document for EAD and AP for maybe 2 years.
glus
12-29 09:53 AM
I think, you should check with an Immigration Attorney before you risk your wife�s multiple entry Visitor Visa.
My take:
AFAIK, staying beyond the I-94 expiration date will abandon her Visitor Visa, and she could be denied entry next time.
In your wife�s case, you have applied for a change-of-status, however a decision has not yet been made, so she should leave the country before the I-94 expiration date and come back later after the F1 is approved. But, leaving the country while the change-of-status application is pending might cancel the change-of-status application, and not the underlying F1 application. So, your wife may have to get a F1 visa stamping abroad to come back later.
The above said information is purely based on my knowledge and may vary from an Attorney�s view.
Good Luck!
Once again, per INA a person is allowed to remain legally in the U.S. while COS is pending. Leaving U.S. while COS is pending is VERY bad idea so several reasons, including but not limited to abandonment of the underlying petition. Please check INA for details.
My take:
AFAIK, staying beyond the I-94 expiration date will abandon her Visitor Visa, and she could be denied entry next time.
In your wife�s case, you have applied for a change-of-status, however a decision has not yet been made, so she should leave the country before the I-94 expiration date and come back later after the F1 is approved. But, leaving the country while the change-of-status application is pending might cancel the change-of-status application, and not the underlying F1 application. So, your wife may have to get a F1 visa stamping abroad to come back later.
The above said information is purely based on my knowledge and may vary from an Attorney�s view.
Good Luck!
Once again, per INA a person is allowed to remain legally in the U.S. while COS is pending. Leaving U.S. while COS is pending is VERY bad idea so several reasons, including but not limited to abandonment of the underlying petition. Please check INA for details.
more...
sriniks
12-07 06:09 PM
On the infopass web site, there are four categories, and I can't relate to any of them. I don't have an SR because the rep refused to open one; I don't have a notice. Is it still possible to go for infopass?
We offer 4 kinds of appointments for a case that you have already filed. Please choose from the following -
Order from Immigration Court - If you were directed to us for processing based on an order from the Immigration Judge. You must bring all documents required in the post order instructions given to you by the court.
Case Processing Appointment - If you received a notice to go to your local office for further case processing.
EAD inquiry appointment - If your I-765 employment authorization application has been pending for more than 90 days.
Case Services follow-up appointment - If it has been over 45 days since you contacted NCSC and have not received a response to your inquiry. You must bring the Service Request ID Number related to your inquiry to the appointment.
We offer 4 kinds of appointments for a case that you have already filed. Please choose from the following -
Order from Immigration Court - If you were directed to us for processing based on an order from the Immigration Judge. You must bring all documents required in the post order instructions given to you by the court.
Case Processing Appointment - If you received a notice to go to your local office for further case processing.
EAD inquiry appointment - If your I-765 employment authorization application has been pending for more than 90 days.
Case Services follow-up appointment - If it has been over 45 days since you contacted NCSC and have not received a response to your inquiry. You must bring the Service Request ID Number related to your inquiry to the appointment.
diptam
02-24 04:30 PM
The rule is if company B files a Labor 365 days before your H expiration then that H could be extended. However L visa probably doesn't have a specified time limit like 6 yrs. So theoretically you could let companyB file Perm and I-140 for you and keep working in Company A till your Priority date become current and you get EAD.
But the best practical option is to jump to Company B via H1 and let them file the Labor and you continue extending the H1 as I'm doing. Once EAD comes you could trash the H1 or even transfer that H1 to a 3rd company.
The choice is yours !
Thanks again guys.
Well company A can file my GC but the issue is that the financial books of company A are not clear right now. Hence there are chances I-140 will be refused even if I file on EB1.
Company B is willing to take me but the issue is how do I join B. The options which I see are that B files my GC under EB2 or EB3 and I continue to work with company A till then. But then in EB2/EB3 the processing will take years till I get my EAD and join company B.
But the best practical option is to jump to Company B via H1 and let them file the Labor and you continue extending the H1 as I'm doing. Once EAD comes you could trash the H1 or even transfer that H1 to a 3rd company.
The choice is yours !
Thanks again guys.
Well company A can file my GC but the issue is that the financial books of company A are not clear right now. Hence there are chances I-140 will be refused even if I file on EB1.
Company B is willing to take me but the issue is how do I join B. The options which I see are that B files my GC under EB2 or EB3 and I continue to work with company A till then. But then in EB2/EB3 the processing will take years till I get my EAD and join company B.
more...
rajuseattle
08-12 06:13 PM
Skarthy,
No worries I also e-filed on july 02dn 2008. received paper receipts on july 11th 2008.
after waiting for almost a month or more finally received my FP appointment schedule on august 08th 2008 and on the same day received CRIS e-mail for RFE. FP notification was sent by MSC (National benefits Centre).
I guess their is some miscommunication between MSC and NSC...looks like the adjudicators started processsing the apps, but couldnt find the finger prints in their system.
Once I receive the RFE in hand i would know what information USCIS is requesting and from which service centre issued RFE.
I went for e-file just to make sure that USCIS doesnt loose the forms in their huge backlog of applications, but apparently Paper file ead renewals are working much faster than e-filed EAD. Its USCIS everything is possible in their processing logic.
Bottomline guys go for Paper based EAD renewals rather than this crap e-file, where the application are routed to different Service centres and nobody knows whats going on with their applications for months.
No worries I also e-filed on july 02dn 2008. received paper receipts on july 11th 2008.
after waiting for almost a month or more finally received my FP appointment schedule on august 08th 2008 and on the same day received CRIS e-mail for RFE. FP notification was sent by MSC (National benefits Centre).
I guess their is some miscommunication between MSC and NSC...looks like the adjudicators started processsing the apps, but couldnt find the finger prints in their system.
Once I receive the RFE in hand i would know what information USCIS is requesting and from which service centre issued RFE.
I went for e-file just to make sure that USCIS doesnt loose the forms in their huge backlog of applications, but apparently Paper file ead renewals are working much faster than e-filed EAD. Its USCIS everything is possible in their processing logic.
Bottomline guys go for Paper based EAD renewals rather than this crap e-file, where the application are routed to different Service centres and nobody knows whats going on with their applications for months.
jsb
11-01 12:24 PM
I'm from ROW, my spouse and me both have EAD and AP. But our I-485 is pending. My spouse isn't working but would be travelling to Germany next year while I won't be travelling with her.
1. Is a good idea just to apply only EAD renewal for me and AP for her to save some bucks?
2. How soon will the service center accept the renewal applications before they expire?
3. What if I file these renewal by myself and don't use a lawyer. Will it make a difference?
4. What paper work do I need to submit with my applications for renewal either by online or manual?
5. What are the implications of not having to apply EAD for my spouse. Is she going to be out of status once her EAD expire?
Experts please advice.
It is better to keep EAD and AP current, instead of letting them expire to save a few bucks. Renewing something expired raises eyebrows. Renewal instructions come with EAD and AP. There is no need of a lawyer. Renewals are simple process.
1. Is a good idea just to apply only EAD renewal for me and AP for her to save some bucks?
2. How soon will the service center accept the renewal applications before they expire?
3. What if I file these renewal by myself and don't use a lawyer. Will it make a difference?
4. What paper work do I need to submit with my applications for renewal either by online or manual?
5. What are the implications of not having to apply EAD for my spouse. Is she going to be out of status once her EAD expire?
Experts please advice.
It is better to keep EAD and AP current, instead of letting them expire to save a few bucks. Renewing something expired raises eyebrows. Renewal instructions come with EAD and AP. There is no need of a lawyer. Renewals are simple process.
more...
jonty_11
07-05 04:34 PM
I guess this is the worst time for Lc subs guys to be seeking advice....
rajsenthil
04-21 10:09 AM
Contributed $25.
more...
msyedy
01-25 10:21 AM
Is it a bad idea to ask for help from the indian government, there are ministers like "Minister for Overseas Indian Affairs - Vayalar Ravi" who is supposed to look into issues we are having here, even if contacting them doesn't help, it atleast will not hurt us. i think there are few good ministers in there who can understand our problems, they may not help us with $$ but may be able to help us with their lobbying groups.
i think "Ronen Sen - India's ambassador to USA" is another person who will be sympathetic to our cause.
Wah Kya sooch hai,
Congress is not listening to the Citizen Tech lobbyist, It will listen to Indian Ministers to make us Citizens. India wants all its citizens to become america citizens soon, there should be a separate provision for Indians. India wants to kick all the skilled people out of their country.
How would you think that India could say something like this. You being an indian are saying that your country sucks big time. God forbid you dont your GC, will you suicied.
Admin Remove this post
i think "Ronen Sen - India's ambassador to USA" is another person who will be sympathetic to our cause.
Wah Kya sooch hai,
Congress is not listening to the Citizen Tech lobbyist, It will listen to Indian Ministers to make us Citizens. India wants all its citizens to become america citizens soon, there should be a separate provision for Indians. India wants to kick all the skilled people out of their country.
How would you think that India could say something like this. You being an indian are saying that your country sucks big time. God forbid you dont your GC, will you suicied.
Admin Remove this post
aristotle
07-12 10:14 PM
PM anyone?
more...
andy garcia
07-25 12:19 PM
I got an approval email from CRIS last week on my I-140.
Today I received an email saying the notice that USCIS sent was returned as undeliverable.
Any one has similar experience? Where does the I-140 approval notice go- Attorney or Employer address?
Thanks
Approval notice goes to Attorney a courtesy copy to Employer
Today I received an email saying the notice that USCIS sent was returned as undeliverable.
Any one has similar experience? Where does the I-140 approval notice go- Attorney or Employer address?
Thanks
Approval notice goes to Attorney a courtesy copy to Employer
sweet23guyin
04-23 06:46 PM
Can you be a little more specific on what you are doing?
If you don't want to publish it in this open forum, please send me a PM.
I'm a full time IT employee; Now, I am taking up part time work with my earlier clients (Consulting) on the newly formed LLC with my spouse as the sole member.
If you don't want to publish it in this open forum, please send me a PM.
I'm a full time IT employee; Now, I am taking up part time work with my earlier clients (Consulting) on the newly formed LLC with my spouse as the sole member.
msandhu
01-08 05:12 PM
I have traveled twice on same AP since in last 9 months. Once to canada and the other time to India. The immigration office does not look at anything other than your AP and passport. The most they will ask is what do u do and who applied for your green card.
You do not need to worry about anything and can travel freely.
Cheers
MSandhu
You do not need to worry about anything and can travel freely.
Cheers
MSandhu
uma001
11-05 11:48 AM
For a long time, between 2001 to late 2004, All PDs (EB1-EB5) were current. Main reason for this was, labor certification used to take 2-4 years during that time. If you do not have labor certification coming out, you always have visa numbers available. Just when PERM hit, retrogression came in to the picture.
Thanks Kumar
Thanks Kumar
ssingh92
03-05 11:33 PM
People,
What does this mean? I am not too strong regarding finances, so asking.
http://news.yahoo.com/s/afp/20090305/pl_afp/financeeconomyusbankinggovernment
Does it mean there wont be insurance on our bank deposits if this happens?
I forget the site the FDIC lists the trouble banks that may fail. You bank should not be in the list. Even if it is in the list and your account is FDIC insured and account has less than 100K then you will get money from FDIC if bank fails.
If FDIC fails than we all in the US are in trouble. It will total collapse of the system. I dont think it will ever happen but who knows.
What does this mean? I am not too strong regarding finances, so asking.
http://news.yahoo.com/s/afp/20090305/pl_afp/financeeconomyusbankinggovernment
Does it mean there wont be insurance on our bank deposits if this happens?
I forget the site the FDIC lists the trouble banks that may fail. You bank should not be in the list. Even if it is in the list and your account is FDIC insured and account has less than 100K then you will get money from FDIC if bank fails.
If FDIC fails than we all in the US are in trouble. It will total collapse of the system. I dont think it will ever happen but who knows.
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