Is Your Money Safe?

A few banks have failed, some businesses have gone belly-up, many people have lost their homes, job losses are high and gas prices are exorbitant. The near failure of our economy was caused in part by poor mortgage practices, shaky loans, bad investments and stock market losses.
In light of the government’s request for a $700 billion bailout for the U. S. financial market which will cost every U. S. citizen, including our children, approximately $5,000 each, you need to know if your money is safe. If the bailout isn’t approved, our financial markets will collapse according to President Bush, U. S. Treasury Secretary Henry Paulson, Federal Reserve Chairman Ben Bernanke and the “experts” on Wall Street.
I am not a financial expert, but I will give you information on where to get the info you need. Is your money safe?
Quoting the Federal Deposit Insurance Corporation website, “The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.” HOWEVER, you must check out this information for yourself and your family. Do not depend upon any advice given by just anyone.
The website that you should go to for banking information is www.fdic.gov or to www.myfdic.gov.
For credit union information Google the National Credit Union Share Insurance Fund (NCUSIF) and Google Excess Share Insurance (ESI). You may be able to determine how much of your money is actually insured.
Now is the time to become informed.