Protect Your Money: FDIC Information

The economic picture in the United States is frightening especially to seniors who lived through the stock market crash in 1929 and the Depression. Years ago, my late father told me that he lost the money he saved from his paper route when his bank failed. He said it wasn’t much, but it was important to him.
But now the government insures our money for up to $100,000 for each depositor in each bank or thrift institution. This is done through the Federal Depositors Insurance Corporation or FDIC. Separating your money into different branches of the same institution doesn’t increase the insurance protection. You are still one depositor. Accounts include savings, checking and CDs or any other accounts in that institution. It is very important that you know exactly how much you have and where all of your funds are located. Very important banking information can be found at www.fdic.gov. Also a copy of the FDIC publication, Your Insured Deposits, will give you important banking information about federal deposit insurance. Or call FDIC’s Central Call Center at 877-275-3342.
The website may also give you information on banks that have failed. It is wise to check before you lose all that you have saved.