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When you put your money in a bank how safe is it? What if the bank is robbed, or if the bank goes out of business?  What happens to your money? 

If your bank is insured by the Federal Deposit Insurance Corporation (FDIC), then any money you deposit is safe and secure up to the insured amount.  As of October 3, 2008, the Emergency Economic Stabilization Act of 2008 temporarily raised the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The increase in deposit insurance coverage will return to $100,000 after December 31, 2009.

Click here to listen to "Deposit Insurance"The FDIC was started in 1933 during the Great Depression when many banks failed and many depositors lost their savings.  To be insured by the FDIC, bank must meet high standards for financial strength and stability.  The FDIC, among other government agencies, examines banks on a regular basis to make sure that these high standards are met.  Banks that are insured by the FDIC will usually have a sticker on the door, or a sign somewhere in the lobby indicating so, or you click on the link below to go to the FDIC’s website for a listing of insured banks…

FDIC Insured Banks

For more information on what types of accounts the FDIC insures, as well as the limits of FDIC insurance, click on the following link to the FDIC’s website…

FDIC Insured Deposit Information