Tenants may also want to extend the lease. In either case, a lease extension letter should be written to formally request an extension on the lease. The landlord may use this letter to raise the rent or add new terms to the lease, and the tenant may use the letter to request repairs or other considerations.
Although few depositors realize it, legally the bank owns the depositorâs funds as soon as they are put in the bank. Our money becomes the bankâs, and we become unsecured creditors holding IOUs or promises to pay.
The FDIC protects depositors against the loss of their deposits if an insured bank fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC began operation in 1934, no depositor has ever lost a penny of FDIC-insured deposits.