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Is my bank safe ?
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by EverythingFinance | July 28, 2008 at 04:56 am
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Hearing about bank closings will make any optimist uneasy about the future. so I thought this might be a good time for everyone to know if their accounts are insured and if their bank is healthy or not. Here is some info about FDIC..from FDIC.gov.
What Is the FDIC?
The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. The term “insured bank” is used in this brochure to mean any bank or savings association with FDIC insurance.
To check whether your bank or savings association is insured by FDIC, call toll-free 1-877-275-3342, use "Bank Find" at www.fdic.gov/deposit/index.html, or look for the official FDIC sign where deposits are received.
Why Is FDIC Insurance Important to You?All FDIC-insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of insured banks to ensure these standards are met. Even with these safeguards, some insured banks fail. If your insured bank fails, FDIC insurance will cover your deposits, dollar for dollar, including principal and any accrued interest, up to the insurance limit.
Historically, insured deposits are available to customers of a failed bank within just a few days. Since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.
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Most RecentMost Recommended Comments (1)
at 06:29 on July 28th, 2008
Although this is all very well and fine, perhaps more to the point would be to ask, 'Are my dollars safe?' ...
There, the waters become more murky !
How do nations get to the point where they must print paper currency in denominations of 100,000,000 - one-hundred-million, as we heard reports of recently from somewhere in Africa ?
Nations get to that point for a very simple reason - people need to eat !
Currency issued in such astronomical denominations becomes necessary because there are not enough wheelbarrows available for all those who would need them, much like purses, to carry all the notes required in smaller denominations to buy simple commodities like bread, flour, rice, cooking oil, etc, just to remain alive ... and, hopefully, housed ...
This, after all, is the real measure of inflation ... not what some government-controlled outlet tells us the 'numbers' are - these being not the 'raw' numbers at all, but those which have been 'very well cooked,' 'simmered', if you will, untill they are 'done to perfection' and fit for 'public consumption' ...
None of us need to be told by others if our economy is in an 'inflationary ( or, indeed, hyper-inflationary ) state' ... we can tell this very easily for ourselves, and this is how -
Just for the heck of it, if you don't believe me when I say the numbers are a whole lot worse than they are telling us, just for the heck of it, start keeping track of what the 'basic commodities' are costing you ... just start keeping track of what you are spending for things that you absolutely need for subsistence - just the 'essentials' ...
Things like milk for the kids, breakfast cerial, bread, fuel for the car - I am sure you can all think of others. Just keep track of what you pay for these items each week or each month ( it shouldn't be necessary to keep track of them on a daily basis quite yet ) , and watch how these numbers change ...
If it's not clear to you how to figure out the "overall percentage change" from the point where you started keeping track to point where you currently are, then talk it over with others, and solve it together. The same goes for "average percentage change" ... you may be very suprised ...
And all you lurking 'technical economists' out there, please don't attempt to discredit what is said above by pointing out, 'petrolium products like gasoline and oil aren't part of the "core index" ... ' - of course they're not !! Do you know how bad it would make the numbers if they were ?
Regardless of what the government tells me, I know what my own 'core index' is !! The change in 'out of pocket' cost for those 'commodities' which are 'essential' ... and for me, and basically everybody else I know, or have ever heard of, petrolium products like gasoline and heating fuel are absolutely essential, almost as essential as milk for the kids ...
Let's hope it never comes down to choice between these two - milk for the baby or gas for my frickin car ...