Jul 08
18
With The Failure of IndyMac Bank… Is Your Money Safe?
Click the play button below to learn how to protect your money.
Headlines about the FDIC and the banking industry have raised questions about where to put money and how to make sure it's safe. Let’s break through the confusion with a quick discussion of the current events and suggestions to help protect yourself and your family.
How many more banks are at risk of failure?
The FDIC has identified 90 banks as “problem institutions” that are at risk of failure for the first quarter of 2008. “That number will go up,” but historically, only about 13 percent of banks on this list typically fail, says the FDIC’s Bair. MSN Article: Could your bank be the next to fail?
What deposits are insured by the FDIC?
A depositor with any type of account at an FDIC-insured bank or savings and loan is fully insured for up to $100,000 per bank. It’s possible that a depositor could have more than $100,000 insured if he or she has a joint account or one of seven other legal ownership arrangements. (Get details on insured accounts.) All types of individual retirement accounts are also insured for up to $250,000.
Best,
Michael J. Eiden
