July 14th, 2008

Facts about FDIC and NCUA

It seems like a good time to post this.

From http://bankdeals.blogspot.com/2006/05/facts-about-fdic-and-ncua.html:
The top 2 FDIC misconceptions that I've encountered include: 1) You do not get the interest earned, only the principal when a bank fails, and 2) It may take years before they release all your funds.

If you keep below the insured limits, neither of these are true.
See the FDIC's article on the Top 10 FDIC Misconceptions.

That article also includes links to both the FDIC, which insures accounts in banks, and the NCUA, which insures accounts in credit unions.

It's simple enough to make sure your accounts are under the insured limits. This would be a good time to do that.