These are certainly difficult times for banks. Indymac bank failed just a few months ago, Washington Mutual failed a few weeks ago and Wachovia was purchased by Citigroup. The amazing thing is that while these banks have faltered, other banks like Bank of America have purchased Merrill Lynch, one of the most recognized brokerage houses in the entire world. The headlines make many feel like "financial armageddon" is either around the corner or here. Although, this can be very disconcerting, how do you know if your money is safe?
The Federal Deposit Insurance Corporation was created in March of 1933 since thousands of banks failed after the stock market crash of 1929. The FDIC insures up to $100,000 per depositor in individual accounts, or up to $200,000 in joint accounts. It also insures up to $250,000 for individual retirement accounts invested in insured deposits. To find out more, go directly to the FDIC site.
Wishing You Wealth in all Its Greatest Forms
Alex
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