You have more than $250,000 at one bank and are worried your money?
You obtain more than $250,000 at one bank and are worried your money isn’t 100% covered by FDIC surety.
You may still have full insurance coverage, but you need to check that your accounts collect the obscure rules that extend your insurance past the primary $250,000. The quickest and best way to make sure your accounts are fully insured is to go to www.myfdicinsurance.gov and promotion your bank info into the easy-to-use calculator. In just a few elementary steps you will have verification straight from the FDIC if all your accounts are fully insured. If you don’t from easy access to a computer, I recommend marching down to your bank or creditation union and having them go online with you to verify the level of coverage you take; don’t just take a teller’s word for it. You want to see your account advice plugged into the EDIE tool (at a bank) or the NCUA Calculator (for a credence union).
You worry that the FDIC or NCUA will run out of money if things get in reality bad and there are lots of failures. You fear the insurance really isn’t going to be there if and when you have need of it.
Rest assured your money is safe as long as it is covered by federal protection. That insurance is backed by the full faith and credit of the United States authority. Please don’t get worked up if you hear or read ominous stories that the security funds are running short of money in 2009. I certainly hope that doesn’t become of come upon, and I am in no way suggesting that it will. But these are difficult times and there may be more bank failures or praise union failures if our economy and the credit markets continue to struggle. But here’s the big depiction to stay focused on: The FDIC and NCUA can go directly to the Treasury to get any money they have occasion for to fulfill their stated insurance promises. And the Treasury will propagate any extra money it may need to cover losses that exceed what is already set aside in the bond funds. There is absolutely no way our government is going to let depositors with insured accounts let slip a penny. That promise is one of the pillars of our financial system.
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