I have less than 100k in each, but should I take my money out of GMAC and HSBC high yield savings now?

Question

If either bank closes will I be covered by FDIC?

Answer 1

Yes you would be covered.  One bank has folded.  Let's not all freak out and make runs on the banks.

Answer 2

Both are FDIC insured, so stay calm.

The last thing the bank and the economy needs is people trying to pull out all their money and sticking it under their mattresses.  If that were to happen, it'll truly be a great depression 2.

Banks need that money to make more money.  If everyone pulled out their money, banks would fail... and so would the economy and the U.S.

Answer 3

If you have less than 100K in each account, FDIC insurance will cover it.

If you still want to pull out your money, you can, but then you'll have to look around for another place to put it - unless you want to blow it all on a Ferrari.

No bank is totally safe.  

In your case, though, I would have to say that HSBC is probably safer than GMAC.