Forbes - Is your money safe in the bank?

Your Weekly Advisor Update

A Note From Natalie:

Spring is here and banking woes are blooming. But fear not, as most consumers and their money should be OK.

The recent demise of Silicon Valley Bank (SVB) and Signature Bank marks the second-and third-largest bank failures in U.S. history, which is enough to give anyone the jitters. The collapses created a domino effect, prompting the Federal Reserve to take emergency measures, including backing all deposits of SVB. Another bank, First Republic, felt the ripple effect of panic as customers started withdrawing money; major banks stepped in to pool $30 billion in rescue funds to cover customer withdrawals.

The good news is that the FDIC insures depositors up to $250,000, so for most people, that’s enough to recoup your deposits in the unlikely event that your bank fails. If you have more than the covered amount, you should consider protecting it. In today’s newsletter, we explore various ways to protect excess deposits, as well as answer the big question: Is your money safe in the hands of the bank?

Very best,

Natalie

Natalie Campisi

Senior Staff Writer

Consumer Finance

Editorial Note: We earn a commission from partner links on Forbes Advisor. Commissions do not affect our editors' opinions or evaluations.

5 Ways To Insure Excess Deposits

While the Federal Deposit Insurance Corporation (FDIC) insures deposits in savings accounts, money market accounts, checking accounts and CDs, there is a $250,000 limit—most of the time. The FDIC moved to protect all depositors of SVB, including insured and uninsured accounts, giving customers complete access to their funds. However, the FDIC may not always throw a lifeline.

If you tend to have high deposits in your accounts, you shouldn’t necessarily rely on the government to step in and save a failing bank (and your money with it). Here are some ways you can insulate yourself from potential bank failures.

Here’s what else you should know
this week:

Is My Money Safe In The Bank?

Banks seem like the best bet in terms of safeguarding your money, but just how safe are they? Learn about how secure banks are and what customer protections you have.

List Of Failed Banks From 2000 To 2023

Banks go belly up more often than you might imagine—so why are the recent collapses making headlines? Here we analyze the last two decades of bank failures and why the current ones matter more.

Third Bank Failure Prompts Fed To Launch Emergency Lending Program

In an attempt to thwart a banking crisis, the Federal Reserve launched a new emergency loan program for banks and other depository institutions called the Bank Term Funding Program (BTFP). Learn about how it's designed to help consumers and save the economy from freefall.

Best Travel Credit Cards Of 2023

It’s easier than you think to leverage your credit card rewards to snag award flights and upgrades. Be sure to pay off your balance in full to avoid hefty interest charges that will erase your potential savings.

Best Travel Cards

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