One of the issues this morning, as worries over the IndyMac continue, is whether or not your money is safe in the bank. The good news is that most of us don’t have anything to worry about — provided your money is in a bank that is insured by the FDIC. (Or a credit union insured by the NCUA.)
Here are the insurance limits offered by the FDIC and the NCUA:
- $100,000 on individual accounts.
- $200,000 on joint accounts.
- $250,000 on retirement accounts.
If you have more than these limits in one account, you might consider moving some of the money to another account at another insured institution. Additionally, there are ways to structure your account so that you can actually get more than the insured amount back. But you can get peace of mind if you spread your money around to other banks and/or credit unions.
Also, note that the FDIC insurance fund has $53 billion in it, and the ability to raise more quickly. Even with IndyMac’s estimated $10 billion payout, there is plenty left. Chances are that you can arrange to get most — if not all — of your money in the event your bank should fail.