Monday, May 20, 2013

FDIC Insurance: To Help You Sleep At Night

Safety first.

Read this if: 

1) You are worried about losing the money you have invested.  
2) You are worried about losing the money you have in your banks. 

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I've had several people ask me about the security of their investments, so here is an explanation as to why you shouldn't worry about your money. 


What is FDIC Insurance?

For most of us, FDIC insurance gives adequate coverage to our money. According to the FDIC official website (link below), "The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category."  The ownership category just refers to the type of account, e.g., "single account" or "retirement account." 

So unless you're filthy rich and have more than $250,000 in each account you own, I think you'll be okay. :D

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Plan of Action: 

1) Visit the FDIC official website to see if your accounts are covered. 

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As always, contact Joan with questions, comments, or suggestions! You can either comment directly on the post or send me a private message to moneymattersjoan@gmail.com.  

Photo credit: Darwin Bell via photopin cc

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