FDIC Insurance: What If My Bank Fails? Make Sure Your Money Is Covered at Insurance Wood

FDIC Insurance: What If My Bank Fails? Make Sure Your Money Is Covered

With all these new online banks which are pretty much just virtual branches of a lot of regional banks, I thought it would be a good idea to look more into this whole FDIC insurance thing we put so much trust into. First some quick basics, taken from the FDIC website:

What Does the FDIC Insure?
The Federal Deposit Insurance Corporation (FDIC) is a government corporation that insures all deposits at insured banks, including checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit. Use this form to find out if your bank is insured.

How Much Does It Cover?
The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured ...

You might be interested in these entries too:

Never deposit everything in one account

For maximum insurance, it’s better not to deposity everything in one account. It’s very rare to hear about a bank failing and most depositors don’t make enough to to...

FDIC-insured lenders not at risk of failure

WASHINGTON (Reuters)—The head of the U.S. Federal Deposit Insurance Corp. defended Tuesday the agency's handling of the subprime mortgage crisis but said rising default rates will hurt some U.S. banks'...

FDIC Insurance: What If My Bank Fails? Make Sure Your Money Is Covered

Insurance Wood