FDIC Insurance – What you need to know

We’re taking a quick break from taxes this week to talk about FDIC insurance. There’s been a lot of news over the last week about how depositors are protected, or not protected, in the event a bank runs into trouble. For most people, this isn’t something they need to worry about.

If you have less than $250,000 deposited at an FDIC-insured bank, your deposits are 100% covered. You won’t lose that money, even if the bank fails.

If you have more than $250,000 in deposits, or you aren’t sure if your bank is FDIC-insured, or you’re just curious how this all works, we’ve got the explanation for you right here.

We’ll pick up where we left off with taxes next week. If you want to get caught up here’s last week’s article on tax credits.