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Entry bubble Banking Safely in Troubling Times

By: Jim | October 08, 2008 | Category: Money

Bank On October 3, the President signed into law the Emergency Economic Stabilization Act of 2008. Commonly referred to as the bailout, feedback on Colleen's recent bailout comments indicate that some call it other things. Whether you were for or against the legislation, there are a few details in it to be aware of.

For example, it includes a provision temporarily raising the cap on federally insured deposits from $100,000 to $250,000. This provision will expire at the end of 2009. It's important to remember that there is no indication that the provision will be extended or become a permanent change. This applies both to banks insured by the FDIC and to credit unions insured by the National Credit Union Administration.

Your money is safe if you're using a financial institution insured by the FDIC or NCUA. But I admit that the recent headlines about bank closures made me curious about my bank's soundness and what I'd go through if my bank failed. Although the FDIC never releases its ratings on the safety and soundness of banks and thrift institutions to the public, it does provide information on private companies that provide their own ratings of bank safety, often for a fee. FDIC's information on when a bank fails helped me get an idea of what to expect if that happened.

If you're looking for a new bank or credit union, the Consumer Action website has some helpful tips. Check out MyMoney.gov's Saving and Investing page to learn more about banking, interest rates, how to complain about a financial institution, and more.

Have you experienced the closure of your bank or credit union by the FDIC or NCUA?

| Post a Comment | View Comments [4] | envelope E-mail This Entry | Tags: bank   colleen   credit_union   fdic   jim   money   ncua   saving  

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