The Safety of Your Accounts
In my last blog, I talked about online banking and it’s association with customers concerns about identity theft. Well here I will take a moment to explain to you the safety of the money in your account as it pertains to your banks stability. I know with the current economic instability and the prevalence of banks going under there is a high concern of where your money is and if it should stay there or not. The reality is there is some protection of your money by the Federal Deposit Insurance Corporation. The origin of this entity goes back to the Great Depression of 1929-33 which caused the crash of the stock market. It was during this time that a lot of depositors lost their money due to the failing banks. Due to this turn of events, bank regulations were created to protect the bank and it’s customers.
The FDIC
The creation of The Federal Deposit Insurance was designed to insure up to $100,000 of the money deposited by the banks customers. This means in the case of bank failure the FDIC will guarantee a return of your funds up to and not to exceed $100,000. Any bank that offers the protection of their customers deposits by the FDIC will have a sign in their facility that says “member FDIC”. When opening an account with a bank be sure to look for this sign to ensure your protection.
Although the FDIC covers $100,000 per customer there are a few exceptions to the rule. U.S. Treasury securities, annuities, insurance products, stocks, bonds and mutual funds are examples of items not covered by the FDIC. Although you may come across some of these products that operate like a checking account-allowing you to write checks, etc.-it is imperative to find out if it is protected by the FDIC.
Is Your Bank Safe?
A good way to check out the stability of your banks is to visit www.bankrate.com and use the rating service titled “Safe and Sound”. This tool gives you a rating of banks and credit unions by using different financial measurements such as earnings (how profitable a bank is), liquidity (how well the bank can meet its day to day expenses), asset quality (the quality of the loans provided by the bank, how risky they are and how many are delinquent) and capitalization (how much of the company’s assets are company owned or owned by it’s shareholders as opposed to being owned by creditors). The strongest rating is a 1 and the weakest rating will be a 5.
You can use the ratings provided by the website to choose a bank or decide if you are going to stay with your current bank. However, this doesn’t mean that the ratings are 100% accurate but they will give you an idea of where each bank stands.
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