What's with all the banks going under? I'm so upset that I can hardly handle it. What's going to happen to all of our retirement years? How are we going to survive?
Lottie, you're the financial expert on the board. Can you shed a little light on the prospects?
Not an expert, but here's what I know. Many small local banks like mine are doing fine. We put cash in accounts there, they used this on local projects and did not get in over their heads. The big ones that are in trouble lent way too much $$ on risky ventures.
Many of us pre and current retirees have investments in mutual funds. These are NOT guaranteed the same as funds in your local banks savings instruments by the FDIC. Many are part of the SIPC. The brokerage house which handles your mutual funds will display their logo proudly if the brokerage has participated in their program. References below. http://www.sipc.org/ http://www.fdic.gov/
Of interest is that the government made an exception for mutual funds invested in Money Markets.
There are different rules if it is a JOINT account. This estimator lets you put in your funds in a single bank, then tells you what amount is insured. No personal or account numbers used and you can make up a bank name to keep it private.
Not an expert, but here's what I know. Many small local banks like mine are doing fine. We put cash in accounts there, they used this on local projects and did not get in over their heads. The big ones that are in trouble lent way too much $$ on risky ventures.
Many of us pre and current retirees have investments in mutual funds. These are NOT guaranteed the same as funds in your local banks savings instruments by the FDIC. Many are part of the SIPC. The brokerage house which handles your mutual funds will display their logo proudly if the brokerage has participated in their program. References below.
http://www.sipc.org/
http://www.fdic.gov/
Of interest is that the government made an exception for mutual funds invested in Money Markets.
http://www.cnbc.com/id/26788110
Oops - just got call to head to a post wedding breakfast, so must go. Hope this at least gives you some answers.
Jacquie
I don't consider myself and expert in anything financial except what
lottie77~~~
Re: the $100K limit -
There are different rules if it is a JOINT account. This estimator lets you put in your funds in a single bank, then tells you what amount is insured. No personal or account numbers used and you can make up a bank name to keep it private.
http://www.fdic.gov/edie/calculator.html#03
Jacquie