I have cd's in my bank. If the bank goes broke how much trouble will I have getting my money?

Question

How much trouble will I have getting my money out if my bank goes broke

Answer 1

All accounts at banks are insured by the FDIC (in the US) for $100,000.  So, it shouldn't be a problem.  You may not be able to get the money right away though.

Answer 2

Your CDs are insured up to $100,000 by the FDIC.  If the CDs are holding IRA funds, they are insured up to $250,000.

Depending on the type of ownership you have, your insurance coverage could be even higher.  For example, a payable-on-death account jointly owned by a husband and wife that is payable-on-death to their two children would be insured up to $400,000 by FDIC.

So, unless you are over the FDIC limit, you need not worry about getting your money back.  You might have some inconvenience - filing paperwork - but otherwise, you should be fine.

Credit unions carry equivalent deposit insurance with the NCUA, a federal agency.