If a bank fails and goes out of business and I have $10thousand plus there what happens to my money?

Question

Or any ammount for that matter? What happens when a bank fails and goes out of business, do I loose my money?

Answer 1

During the depression of 1929, many bank failures left people with no savings at all. As a result today most banks carry deposit insurance which covers a maximum dollar amount on each account. If you have more in the account and the bank goes " belly up" any excess over the max is your loss. Get the full details from your bank. Always good information to know in the event you are asked a trivia question.

Answer 2

You will keep all your money up to $100,000. You won't lose any of it.

Answer 3

The FDIC insures deposits up to $100,000. If a bank fails the FDIC usually sells all accounts of that bank to another bank. Then you have an account at the new bank with the same value.