Assessing the Safety of Your Money Amid Recent Bank Failures

Recent bank failures have raised concerns about the safety of deposits. However, if your money is in a US bank insured by the FDIC and you have less than $250,000 there, your money is safe. Credit unions are insured by the National Credit Union Administration. If you have over $250,000 in individual accounts at one bank, experts recommend moving the remainder of your money to a different financial institution. Joint accounts can protect up to $500,000. The FDIC covers checking accounts, savings accounts, CDs, and other official items issued by an insured bank, but not stock investments, bond investments, or crypto assets.