While last year there were just a few bank failures, the chairman of the Federal Deposit Insurance Corp (FDIC) is predicting that there will be more to come — regulators are estimating 100-200 bank failures over the next year or two. FDIC has insured deposits in banks since its creation during the Great Depression, and the FDIC maintains that not one penny of insured funds has been lost due to bank failure since 1934.
Since the FDIC would protect your money if your bank were to fold, the first thing you should look for in a bank is that its deposits are FDIC insured. You can check out the FDIC's website to see which banks carry its guarantee. Individual accounts are insured up to $100,000, joint accounts can be insured up to $200,000, and IRAs can be insured up to $250,000. According to the FDIC, "there is little or no interruption to the consumer" if your bank goes under.
Milly
Paul's Boutique
Piquadro
hmmm. I thought basically all banks were FDIC insured. They always advertise that on commercials and in any inserts they send to your home with the monthly statement.
1Hmmm...I don't think I know how to navigate the site very well. How do we find out if the bank is FDIC insured?
2em, on the right of the page there is is the consumers resource column. The top item is find bank.
3You can also go to your bank's website and there should be an FDIC icon or something of that sort if the FDIC website is troublesome.
4Yeah, it's pretty hard to find a bank these days that isn't FDIC insured.
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