What To Do If Your Bank Fails
Thirteen banks have already failed this year, and, according to the Federal Deposit Insurance Corporation (FDIC), the number of banks at risk of failing has almost doubled in the last two years.
Because many of us are concerned about other banks that could also fail, we want to tell you how to protect yourself should your bank be next.
Dolan Straight Talk Tip: The most important point to remember is that no depositor has EVER lost “one red cent” of insured funds. By “insured” we mean each individual account up to $100,000 and IRAs (and some other qualified plans) up to $250,000. The FDIC does not have to cover anything over these amounts but may choose to if it raises enough money through the sale of bank assets. But don’t bet on it.
5 Things You Must Know
We hope you never have to deal with your bank closing, but in these tough times, you want to be prepared just in case. Here are five things you need to know to survive a bank failure:
We’ll continue to watch the banking situation and help you make the smartest moves for your money. In fact, the IndyMac failure along with the government’s efforts to stabilize Fannie Mae and Freddie Mac impact all of us. We’ll explain it all to you in an article we’re just finishing up.
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