How Do You Know The Bank Deposits Are FDIC Insured?
We all know how hard it is to save money these days, and no one wants to put money into a place where it isn’t safe. One of the main causes for the Great Depression was not just the failing economy, but the run on the banks whereby people like you and I took all our money out of the banks and hid it under our mattresses. No one had faith in the banks and that is why the FDIC (Federal Deposit Insurance Corporation) was founded. The FDIC is essentially an insurance policy for savers. If you have money in a bank account, your money is probably FDIC-insured. There are limits, however. When depositing your money, make sure your bank is FDIC-insured. Some are not, so be careful. If your bank is insured, you will see the FDIC logo on all of their paperwork. Any account that allows you to trade stocks, mutual funds, or bonds, is not FDIC-insured. You are never insured against losses made during trading. Many overseas banks that operate in this country are not FDIC-insured. They may offer high
