How Do You Make Sure Bank Deposits Are FDIC Insured?
Recent bank failures have many of us wondering if our deposits are really safe. Here’s how to ensure that your deposits are actually insured. Since the FDIC allocates coverage by each separately titled account, you can increase your coverage by simply opening a new account with a different title if your current account exceeds the limit. For example, if you have an account titled in your name only, you can move excess funds into a joint or trust account. Remember that IRA and other retirement accounts are insured for up to $250K, so if you have a larger balance than that to roll over, it would be wise to transfer your retirement plan into two separate IRAs at different banks. Don’t hesitate to ask your broker about SIPC coverage for your money market account. Most brokerage firms offer a money market checking account with a debit card, and you can use this like a bank account. Brokerage accounts are insured for up to $100K through SIPC, which is like FDIC for brokerage accounts.
