As a banker, I feel I must write about my opinion of the financial crisis. I have had several people ask me if they should take their money out of the bank. My short answer is, "No! The money you have in the bank is FDIC insured. According to Sheila Bair, Chairman of the FDIC (Federal Deposit Insurance Corporation), "In 75 years, no one has lost a single penny of insured deposits." When you put your money in the bank, it is FDIC insured up to $100,000 per Social Security number. If the bank fails, FDIC will pay you whatever money you had deposited. What if I have more than $100,000, you ask? First, can I borrow some money? :) Second, you can inquire if your bank is a member of CDARS. CDARS is a company which the bank contracts with to spread your money (anything over $100,000) to several different banks to ensure that all of your money is FDIC insured at all times.
So don't go getting all of your money out of the bank. It is safer there than putting it under your mattress. If your house were to catch on fire, your money is lost. No, homeowners won't pay you back for it. It's gone. Up in smoke, literally.
Subscribe to:
Post Comments (Atom)
1 comment:
Of course your going to say that....you work for a bank!!!
I pulled my whole $43.00 out and buried it next to the apple tree in my back yard....I shouldn't have told you that. Got to go move it now.
Post a Comment