If a bank fails we may not be able to recoup all our money but is our Safe Deposit box safe?

Question

Even though it's FDIC insured....wouldn't it take more than 10 years for them to pay everybody back?

Thanks!

Answer 1

You should be banking with a bank thru the FDIC...they will recoup your money up to a certain amount.

The Safe deposit box is somewhat safe...However, if you have illegal stuff in there, they can drill into it and confiscate your stuff.  It's illegal to keep poison, illegal substances and cash in your safe deposit box.  Your box is not insured by anything.  If there was a fire at the bank, and it burned everything in your box, you couldn't get anything from the bank.  Safe deposit boxes are NEVER insured.  Read the contract for a safe deposit box, I've looked at many banks and none of them are insured.

Answer 2

FDIC insured up to $100,000 and IRAs $250,000. Yes, your Deposite box is safe because the bank is or will be run by the FDIC.

Answer 3

yeah i have no money in the bank and feel a lot safer