![]() You want to make sure you pay close attention to the way your bank is behaving, Silver said. Start a Google alert for your bank in case there are news stories about it. “You shouldn’t be too concerned about your money if it’s in one of the bigger banks, and even in some of the regional banks and the credit unions,” Silver said. (Read on for more about how joint accounts are protected.)įederal officials have been taking steps to make sure other banks aren’t impacted. If you have multiple individual accounts at the same bank, for example a savings account and certificate of deposit, those are added together and the total is insured up to $250,000. If you have over $250,000 in individual accounts at one bank, which most people don’t, the amount over $250,000 is considered uninsured and experts recommend that you move the remainder of your money to a different financial institution, said Caleb Silver, editor in chief of Investopedia, a financial media website. You can look for the FDIC logo at bank teller windows or on the entrance to your bank branch.Ĭredit unions are insured by the National Credit Union Administration. If the bank fails, you’ll get your money back. bank insured by the Federal Deposit Insurance Corp. ![]() Here’s what you need to know: IS MY MONEY SAFE? ![]() – Biden seeks to show stability in bid to avert banking chaos.– Class action suit filed against Silicon Valley Bank parent.– Silicon Valley Bank's demise disrupts the disruptors in tech.
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