Bank not insured?

Question

I just noticed that my bank statements say that the bank is not FDIC insured. Is this normal? What is the danger to my money if it goes out of business?

Answer 1

ALL  banking institutions are insured.. There may be some that are still state insured, but by federal law, they cannot operate without  insuring their  customers.. Usually its up to $100,000.00..Call and ask your financial institution, because if for some exemption, they are not insured,, you could lose everything you have with them if they close, go out of business,or are sued!!!  Check for your own security!!  SOLOMON

Answer 2

If it's a US Bank, it falls under FDIC.  You're probably reading part of a statement that has an advert for another financial service the bank offers, which is not FDIC insured.  Don't worry.

Answer 3

When you open an acct. at a bank, aal money in that bank are protected up to 100K. Anything over that is not protected. So, if you have a 150K in one bank, take out 50k go to another bank and open up an account with 50k. Any interest you get from the 100k put into the 50k til 100k reached there and open another one- totally different bank for the second and third.

Answer 4

Savings, checking deposits & CDs are FDIC (there is a different one for credit unions but same idea) insured.  Investments & insurance products are NOT FDIC insured.  If you have an investment, annuity, etc with your bank, that item  is not insured, I am sure the bank is insured for the deposits.  You invest at your own risk.

If you are unsure, call the bank & have them explain.