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Dr. Kalinda Rose Stevenson
Do You Know How To Protect Your Money If Your Bank Fails?
Welcome back!
By Kalinda Rose Stevenson
Banks some times fail, and when they do, depositors sometimes lose their money. However, there are failsafe ways to make sure that you do not lose any of your money if your bank fails.
The first step is to know that the Federal Deposit Insurance Corporation sets a $100,000 upper limit for any single insured account. (The upper limit is $250,000 for an IRA.) This is the federal agency that insures bank deposits. If the bank fails, the FDIC will reimburse your money.
The second step is to make sure that you keep your money in an insured account. Not all bank accounts are insured by the FDIC.
The third step is to spread your money into different accounts, preferably at different banks to keep your accounts below the $100,000 upper limit.
For more about how to protect your bank deposits, see “How Safe Are Banks?” By John W. Schoen
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