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HOW SAFE IS YOUR MONEY IF YOUR BANK FAILS?
No one really wants to contemplate a catastrophe of this nature, but given the current economic conditions, especially the takeover of Indymac Bank by the Feds last week, it's probably a good idea to understand the consequences of such an event, as it would pertain to your situation. 
In 1933 the Federal Deposit Insurance Corporation (FDIC) was created because of the personal financial devastation people suffered as a result of bank failures caused by the Great Depression. To restore public confidence in the banking system, accounts were insured by the newly formed FDIC. This move by the FEDS stabilized the industry.
During the 75 years of the FDIC's existence, it has been modernized to meet today's financial insurance needs. By and large the FDIC insurance program seems straight forward, however, like most insurance plans; the devil is in the details.
For more information, visit FDIC.gov. The following link will take you to a 26 minute video covering many aspects of the FDIC:
Overview on Deposit Insurance Coverage
( http://www.fdic.gov/deposit/deposits/video/index.html# )
All my best to you and your family,
Phil Cates, founder
StJosephStatue.com, LLC
THINK BIG THINK SOLD - Thank You St. Joseph!
Phil Cates has been in the real estate and mortgage industires for over 20 years. He is also the founder of StJosephStatue.com. For more information and back ground, click here.
You can email Phil at: philcates@stjosephstatue.com
The above information is provided purely for educational purposes and not to be construed as legal or financial advice.
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