For the last 75 years,
especially during times of economic uncertainty, families have counted
on the certainty of federal deposit insurance. Americans can rest comfortably
knowing that their FDIC-insured deposits are 100 percent safe,
in fact, there’s no safer place in the world for their checking, savings
or retirement money. How can you make sure all your deposits are safely
protected within the federal insurance limits?
Read carefully
to know where your money is safest- for example the FDIC does not
protect you from losing money on stocks or mutual funds.
If you have more
than $250,000 at one insured institution, find out if it is fully insured.
It’s especially important to take a closer look at your deposit insurance
coverage after an unusually large deposit, such as after a home sale,
an inheritance, or if you “roll over” a large company pension into an
IRA at a bank. If you’re sure that some of your deposits are over
the FDIC insurance limit, consider taking steps so that all the money
is fully insured. Depending on your situation, one possibility may be
to place some funds in another ownership category at the same institution.
That’s because deposits in separate insurance categories are separately
insured up to the FDIC’s limit.
Another option is to move some funds to deposit accounts at another FDIC-insured institution.
This option works well for people who don’t want, or don’t qualify for, other ownership categories
at their existing bank. Remember, you can always check with the FDIC if you are unsure about your
coverage or your options for becoming fully insured. For more information about FDIC insurance,
visit www.fdic.gov/deposit/deposits.
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