and you have less than $250,000 there. If the bank fails, you’ll get your money back.
Nearly all banks are FDIC insured. You can look for the FDIC logo at bank teller windows or on the entrance to your bank branch.If you have over $250,000 in one bank, which most people don’t, that amount 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 ofFederal officials have been taking steps to make sure other banks aren’t impacted.
“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.If you are worried about your bank closing in the near future, there are some things you can watch out for, according to Silver:— Keep an eye on the quarterly and annual reports from your bank.You want to make sure you pay close attention to the way your bank is behaving, Silver said.
“It takes time, but generally all depositors — both insured and uninsured — get their money back,” said Todd Phillips, a consultant and former attorney at the FDIC. “Uninsured depositors may have to wait some time, and may have to take haircut where they lose 10 to 15% of their savings, but it’s never zero.”The Associated Press receives support from Charles Schwab Foundation for educational and explanatory reporting to improve financial literacy.
Lying to your 10 readers, once again.
Bankers never have to worry again. All bad investments will be backstopped by the American taxpayer
I have an answer. Stop supporting Democrats.
If you're talking financial advice from the oops no the AP stylebook, you are already lost😂
I’m from the government and I’m here to help. . .
You are the same people that believe cows are warming the planet