It was about three years ago right now when people were starting to get excited about what was happening in the banking world. I remember being on TV and callers would call and ask if their money was going to be safe in their bank. The thought always occurred to me when I was asked that question, “why worry about it now?”
Making sure you are adequately insured is smoothing you should be doing up front and not once things get “bad”. Are your deposits insured?
Today, the FDIC (Federal Deposit Insurance Corporation) insures accounts up to $250,000 in most cases. You could be insured for more, depending on the number of names on your account. Then again, depending on your account(s), the amounts, and how the account is shared – you could be underinsured.
The FDIC has a nice website that explains coverage. You can visit that website by clicking here.
Additionally, the FDIC offers a new tool now that will show, for each bank, how much you are protected or if you are exceeding limits. To access that tool, click here. The tool is a neat way to make sure you are adequately covered at your bank(s).
Check now and don’t wait till you are put into a position of finding out.