7 More Bank Failures – 2 From California
The associated press had reported that 7 more banks had failed, bringing the total number of bank failures for this year to 140. When you see something like this, it really makes you wonder whether your money is truly safe. Now, unless you have more than the amount of money the FDIC is insuring, you have no serious concerns since the FDIC takes over the banks and reimburses everyone for the insured amount. The one thing you might have to worry about is how long your money might be inaccessible. If you are really worried that you might have an account with a bank that could fail, you could just open an account with a bank that the government has been supporting. Obviously, the government is not going to let BofA or Chase fail, so those are two options. Another way is to simply have two different bank accounts.
