“I work my ass off in my whole life and put my money in the bank. If my accounts are not FDIC insured, what should I do?!”

30Sep08

That is all our concern, right?!

First of all, all traditional types of bank accounts i.e. checking, savings, trust, certificates of deposit (CDs), IRA retirement accounts as well as money market deposit accounts are insured by the FDIC up to the legal limit of $100,000 (some of them are insured to a higher limit. Please check with your financial institutions and FDIC).

FDIC does NOT INSURED investment products such as mutual funds, annuities, life insurance policies, stocks and bonds nor the contents in safe deposit boxes. If you have a safe deposit box, please check with your insurance agent for insurance coverage of the contents of damages, stolen or lost.

If your bank is not FDIC insured, you may consider to transfer your money to a FDIC insured financial institution.

If you have other questions, contact FDIC. http://www.fdic.gov

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