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Fdic Insurance

All articles tagged with #fdic insurance

finance2 years ago

"Survey Finds Nearly Half of Americans Concerned About Bank Account Safety"

Nearly half of Americans are worried about the safety of their money in banks, according to a new Gallup poll. The results are divided between Democrats and non-Democrats and even more among Americans with college degrees and those without. The findings also come in the wake of the largest bank failures since the Great Recession of 2007-09. The expression of concern seems to be related to trust in government overall, and less well-educated and less well-off Americans are expressing more concern, given that deposits of up to $250,000 are guaranteed by the Federal Deposit Insurance Corp.

via NBC News|
#americans#banks#fdic-insurance
finance2 years ago

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.

via Yahoo Finance|
#bank-failures#credit-unions#fdic-insurance
cryptocurrency2 years ago

The Uncertain Future of Stablecoins Amidst Regulatory Scrutiny and Market Volatility.

The recent banking crisis, which saw the collapse of Silicon Valley Bank (SVB), led to a depegging event for major stablecoins in the crypto sector. Stablecoins restored their peg after the United States government stepped in and ensured depositors at SVB and Signature Bank would be made whole. The crisis could be a boon for digital assets, as it highlights the importance of diversification across multiple investment verticals. If the Federal Deposit and Insurance Corporation (FDIC) were to extend insurance to crypto-related institutions, it could alleviate concerns about the security of digital assets under their custody. Circle, the issuer of USDC, suggested the depeg event was a “stress test” that the system weathered.

via Cointelegraph|
#banking-crisis#cryptocurrency#fdic-insurance
finance2 years ago

The Rise and Fall of Silicon Valley Bank: Lessons Learned.

Small businesses that banked with Silicon Valley Bank were lucky to get their money back after the bank's collapse, thanks to federal government intervention. However, many of these businesses had uninsured deposits significantly in excess of the $250,000 FDIC insurance limit, which is a big, irresponsible gamble. The federal government's intervention raises questions about the future of emergency steps and who will bear the costs. Small businesses should learn from this and manage their risk better by spreading their funds among different institutions and investment options.

via The Guardian|
#fdic-insurance#federal-government#finance
finance2 years ago

The Debate Over Universal Deposit Insurance for Banks

Fintechs such as SoFi, Mercury, and Crescent are offering deposit products that provide more than the standard $250,000 insurance guaranteed by the Federal Deposit Insurance Corp. (FDIC) to attract customers concerned about the limited insurance. SoFi is providing $2 million in insurance, while Mercury is offering up to $5 million in FDIC insurance for its customers through its Mercury Vault. Crescent also debuted a similar product, Crescent Cash, to offer customers access to over $75 million in FDIC protection. These offerings are aimed at start-ups and small business operators that need to stash away more than the $250,000 limit.

via Yahoo Finance|
#deposit-accounts#fdic-insurance#finance
personal-finance2 years ago

Choosing Between Regional and National Banks for Your Money.

Consumers should consider their current and future financial needs, as well as the bank's response to financial blows, before deciding whether to park their money in a big national bank or a smaller regional or community bank. While smaller banks may offer better rates and more opportunity to negotiate with branch managers, larger banks have more resources, better digital banking, and more physical branches and ATMs. Regardless of the bank's size, customers should ensure their account is insured by the FDIC and check the Consumer Financial Protection Bureau's complaint database for information on customer service.

via MarketWatch|
#customer-service#fdic-insurance#fees
finance2 years ago

Yellen's announcement causes sharp drop in First Republic shares.

First Republic Bank's shares dropped 15.5% after Treasury Secretary Janet Yellen said there is no discussion on insurance for all deposits, making a "bull case" scenario more difficult for the stock. The bank is among those speaking to peers and investment firms about potential deals in the wake of U.S. regulators taking over Silicon Valley Bank and Signature Bank this month following bank runs. Morgan Stanley analysts set a target price of $54 for First Republic shares, which dropped to $13.33 on Wednesday.

via Yahoo Finance|
#bank-deposits#fdic-insurance#finance
politics2 years ago

Politics This Week: FDIC Limit, Xi-Putin Meeting, Trump Protests, Congress SVB Fallout

This week, lawmakers are considering raising the FDIC insurance cap for medium-sized banks, with Senator Elizabeth Warren suggesting an increase between $2 million to $10 million. Chinese President Xi Jinping is meeting with Russian President Vladimir Putin to discuss the war in Ukraine, while the US has raised concerns about China's relationship with Russia. Former President Donald Trump has called for protests in New York City, anticipating a potential indictment related to hush-money payments to Stormy Daniels. House Speaker Kevin McCarthy has pushed back against calls to protest, and potential investigations could prove expensive for Trump's political war chest.

via Yahoo Finance|
#donald-trump#fdic-insurance#indictment
finance2 years ago

The aftermath of Silicon Valley Bank's collapse and its impact on depositors.

The recent failures of Silicon Valley Bank and Signature Bank have caused concern among depositors of smaller banks, leading some to move their money to larger, more regulated banks. However, deposits of up to $250,000 are covered by FDIC insurance, and the government is currently covering uninsured deposits above that amount. Smaller banks are important for their community involvement and relationships with customers and small businesses. While there are concerns about regulatory scrutiny and tighter supervision for smaller banks, it's important to maintain competition in the banking system and not rely solely on a handful of too-big-to-fail institutions. Congress and regulators may need to take a closer look at smaller banks to ensure proper oversight.

via Vox.com|
#banking#competition#fdic-insurance
finance2 years ago

"Ensuring the Safety of Your Bank Deposits: What You Need to Know"

The recent failures of Silicon Valley Bank and Signature Bank, which catered mostly to the tech industry, may have you worried about your money. Nearly all banks are FDIC insured, and if your money is in a bank insured by the Federal Deposit Insurance Corp. and you have less than $250,000 there, you'll get your money back if the bank fails. Federal officials have been taking steps to make sure other banks aren’t impacted.

via The Associated Press - en Español|
#bank-failures#fdic-insurance#finance