Recent bank collapses have some Americans wondering if their bank could be next. Here's how much of your money the FDIC protects:
March 13, 2023, 5:41 PMBloomberg via Getty Images, FILE
President Biden addressed the nation Monday morning to reassure Americans — "Your deposits will be there when you need them" — and pledging to take action to "reduce the risks of this happening again."The federal government took "extraordinary measures" to make sure customers of Silicon Valley Bank and Signature Bank would be made whole and have access to all of their money immediately -- whether it was FDIC insured or not.
"No losses will be — and this is an important point — no losses will be borne by the taxpayers," he said. Instead, the money will come from the fees that banks pay into the government’s Deposit Insurance Fund.The good news is that most Americans are covered by the FDIC because the majority of people have less than $250,000 in any one specific bank account.
Another example: if the same two co-owners jointly own both a $375,000 certificate of deposit and a $125,000 savings account at the same insured bank, the two accounts would be added together and insured up to $500,000, providing up to $250,000 in insurance coverage for each co-owner.
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