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Is my money safe in the bank?
By Cheryl Snider
This question: Is my money safe in the bank? must be on the minds of many people today with the current string of bank crashes and takeovers. All of our adult lives we have heard the term "Insured by FDIC" in any bank advertisement. These are the times when that insurance is most important. We have many protections in place now that our older generations did not have during the Great Depression. In fact money saved in an FDIC account has been protected against a bank crash up to $100,000 and double that amount on a spousal joint account. The new "Bailout Bill" recently signed into law by the President raises this amount $250,000 per co-owner. This protection also extends to other accounts such as trusts, IRA's and money market deposit accounts. Also, you need to know that the new law only raises this coverage amount until December 31, 2009. After that date, the coverage would revert to previous amounts or the law would need to be extended. There are some accounts, which don't fall under the FDIC protection. If you have purchased certificates of deposit, you should check with your bank to determine if they are covered. Most are covered. Also, if you have any kind of brokerage savings account through your bank, you really should call them to know if your funds are protected against a bank problem. FDIC insurance doesn't cover stocks, bonds, mutual funds, municipal securities and life insurance policies. Some banks have "brokerage" accounts which pay higher interest and allow funds to be held before or after investment in the Market. Brokerage accounts are covered by a different kind of insurance called SIPC. SIPC covers money held in an account, but not currently traded up to $500,000 per account owner. SIPC recently stepped in to make whole the investors of the failed brokerage firm Lehman Brothers. SIPC was responsible for helping 630,000 Lehman Brothers Investors have access to their money. It was the fastest intervention in SIPC history. After reading about FDIC and SIPC on their respective web sites and seeing them recently in action, I feel very good about the safety of money in my savings accounts. The banks may get into trouble, but safeguards are in place to protect US citizens.
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Federal Deposit Insurance Corporation
| Securities Investor Protection Corporation
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