Recent chaos in the banking industry may have made you worried about your money, so you probably find yourself asking “Is my money safe?”
Yes, if your money is in a U.S. bank that’s insured by the Federal Deposit Insurance Corp. (FDIC). The FDIC backs up to $250,000 per depositor, per account type, per institution. If a bank fails, the FDIC oversees managing its assets. You’ll have to wait until your money is moved to another FDIC-insured bank or mailed to you as a check in order to have access to it. Generally, you can expect to have the money available within two business days of the bank shutting down. However, if your bank closes and you have more than $250,000 in an individual bank account, you can get a Receiver’s Certificate. The Receiver’s Certificate is a document that says you are allowed to claim funds once the bank’s assets are liquidated. You could possibly receive payments if there are funds available for distribution, but that doesn’t guarantee you’ll get all your money back. Despite the recent cause of uncertainty, it is not recommended to act without thinking. Keeping your money in financial institutions is safer, especially when the amount is insured.
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