It feels like a very “old lady” sort of worry, but with the near collapse of the banking industry in 2008 and the recent crisis in Cyprus, I am concerned about where I put my money and how much is in each place.
The FDIC guarantees deposits up to $250K at insured banks as explained in this article. Some things to note is that it is per depositor, per insured bank, for each account ownership category. I read some good advice that said:
“I learned from my grandparents and parents to never exceed the FDIC insurance limit at any bank. Always split savings accounts.”
So I need to look into first, is the bank I have my money at insured? Secondly, is the type of account I have at the bank covered? Do I need to split up accounts?
Since a lot of my retirement is dependent on savings I have outside of banks, how, if at all, are those funds protected?
Financial maintenance never ends.