What to my investment & savings if E*Trade goes bankrupt?
What happens to a person's stock, mutual fund and savings account $ if their online brokerage/bank like Etrade or Ameritrade goes bankrupt? The site says it is SIPC and FDIC insured, but does what does that mean? And who do we contact if it happens. I can't find any straightforward answers on the site.
Right now etrade is sending "despite rumours we will continue to provide excellent service blah blah blah and we can withstand a million dollar loss blay bah blah"
Fishy if you ask me.