You can spread your money between multiple checking and savings accounts so that no account holds more than the maximum $250,000 that is FDIC insured. ![]() You already know that if a bank fails, the federal government will protect a large portion of your funds through FDIC insurance. The FDIC paid out an estimated $18.3 million to account holders.Ĭredit unions carry similar protection in the form of insurance through the National Credit Union Administration. The FDIC reported that the last time an FDIC insured bank failure occurred was October 2020. banks, including the nation’s five biggest banks, is FDIC insured up to $250,000, per person, per account.įortunately, bank failures are less common today. In the event of a bank failure, which occurred more than 100 times during the financial crisis that spanned 2008 to 2012, some of your money is still protected by the federal government. Keeping your money in a bank or credit union is considered safe because your money is insured up by the FDIC or NCUA, respectively. FDIC Insurance (Federal Deposit Insurance Corporation) They can also find easy access and higher interest rates with a savings or money market account. One of the benefits credit unions and banks offer is easy access to your money.Īccount holders can withdraw money quickly from a checking account at a bank branch or with a debit card, often with no fees. ![]() remain secure places to store your money. In spite of bank failures over the past three decades, most banks and credit unions in the U.S.
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