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You worry that if your bank or credit union fails?

Submitted by on Monday, 26 October 2009View Comments
You worry that if your bank or credit union fails?

Your account resolution be frozen and you won’t be able to pay your bills or get cash out.

Relax. Typically, when a bank or creditation union is taken over by regulators it occurs on a Friday and by Monday caboodle is open and running as if nothing happened. It is in the best interests of the regulators to devise sure depositors have quick access to their money. That’s not only "good business," it is also how the regulators prevent a panicked run on the banks.

Your spondulix is at a credit union and you are wondering if you should move it to an FDIC insured bank.

As crave as your credit union belongs to the National Credit Administration’s bond fund (NCUA), your money is safe. The coverage limits and supervision backing are the same as those at an FDIC-insured bank. There is no difficu to move your money.

You have money deposited with an online bank and stunner if it is safe.

Check if the online bank says it is part of the FDIC protection program. Every bank that is in the FDIC insurance program whether online or "bricks and mortar" is sure. You can check the home page of your online bank; all banks that participate in the program inclination advertise that fact boldly. But I think it is smart to double-retard directly with the FDIC.

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