Is it safe to have money in the bank,???

Question

can the bank take your money with all the skituations out there now, indymac was the 5th bank this year that failed. what next????

Answer 1

no no no way its bad to have money in the bank u should take it all out and stuff it under your mattress

Answer 2

Its safe, Just make sure u deposit into a bank that is FDIC insured (99.99999% of the banks are) , the FDIC is a federal Reserve insurance that will protect up to $100,000 dollars of your money, if you have more then that to deposit, do it on different accounts on multiple banks.

Answer 3

i was 12 when i got a bank ucount nothing happened and diddnt take my money

Answer 4

Gold is money.  Paper money is an illusion anyway.  Go to the bank and say you want all your money in gold (like it is supposed to be anyway) and see what they say. They don't have it.  They are writing checks their butt can't cash.(Topgun)

Answer 5

Up to 100,000 per account is insured by the federal govt.

Banks have failed in the past and will fail in the future.

That is why we have the FDIC. If banks never failed, we would not need it.

Answer 6

Depends on the bank and the amount you have in the bank.  Too much in one bank can be risky.  But I think it is safe for now.

Answer 7

yeah...I guess

Answer 8

with computers these days, its very safe,  but always keep records of it & dont loose your check book.....

Answer 9

Your money is insured up to 100k usually, just ask the bank or the b.b.b.

Answer 10

YES it's safe. Each FDIC insured bank allows $100,000 per depositer or $200,000 for a joint account.

To all those above who said NO, either you are being sarcastic, or you need to do some basic homework.

Answer 11

NO IT IS NOT!

Withdraw while you still can.

Answer 12

No... and the FDIC has already depleted a full 10% of its reserves in the rescue of Indymac alone.  We are now facing the biggest banking crises since the Great Depression.  Of all the answers I've read so far the most rational one was to bury your money in the back yard.  Just make sure that it is in the form of gold and silver coins before doing so.  This is real money.  Paper fiat money backed by nothing always returns back to the original worth of the paper it's printed on... nothing.  Even if you were lucky enough to get the FDIC money, you might have to wait for up to a year to receive it.

Answer 13

Up to $100,000 is insured with every bank you have an account with. That means if a bank you have an account with fails, you are guaranteed a maximum of $100,000 of your money back.

Answer 14

If you invest in an amount more then 100,000 Dollars, you could lose money if a bank goes out of business. But if you had 100,000 dollars or less its covered the some government insurance that covers that amount.

Answer 15

just make sure the bank will cover your money.

banks only cover 100,000 per person in one bank.

Answer 16

The FDIC will insure up to $100,000 in your bank account.  If the bank fails, you will still have your money as long as it's not over $100,000.  If you have more than that, you could get multiple bank accounts or put money in an IRA to secure it.

Answer 17

You can find out a whole lot from the FDIC website, here's a video that I found helpful:

http://www.vodium.com/MP/MPF/1.1.3/mpf.a...

From the video:

"FDIC Insurance covers total of all deposit accounts at an insured bank, including branch offices, up to the FDIC's insurance limit."

Additionally: "basic insurance limit is $100,000 per depositor, per insured bank".

So if bank failure is a concern for you, leave some money in your current account (leave say, $90,000 or so, to allow for interest) and put the rest of it, up to another $100,000, IN AN ENTIERLY DIFFERENT BANK.

DO NOT PUT IT IN A DIFFERENT BRANCH OF YOUR ORIGINAL BANK!

So for someone with $250,000, it would look like this:

Bank A: $90,000

Bank B: $90,000

Bank C: $70,000

If you have less than $100,000 keeping it in an FDIC insured bank should be fine.

Now, the video goes on to state that yes, there are ways for you to be insured for more than $100,000s worth of deposits, but that is going to depend on the type of accounts you hold. The simplest solution still seems to me that you put the appropriate amounts in different banks, while you consult a fee only financial planner to figure out if there is a way you can keep everything with the same institution.

Good luck!

Answer 18

it usually is

Answer 19

It is safe to save your money in the bank as long as the bank insures its money at FDIC. The FDIC will recover your money as much as $100,000 if the bank fails.

Answer 20

Personally I don't know anymore. One of my teachers told her to take all of her money out of the bank, dig a hole in her back yard, and bury it. This was back in January, and I'm pretty sure our economy isn't getting any better.

Answer 21

if a bank fails you are covered by FDIC insurance, it covers up to $100k for larger amounts than that... well.. youre on your own

Answer 22

Make sure they have FDIC.  Almost all do, but just cover yourself.  100,000 is almost right, but if you have an IRA, that is seperate.  If you have a joint checking or other deposit account, it is 100k per person, so you could have a $200,000 account and still be okay.

Answer 23

If you are in the US, use an FDIC-insured bank (almost all are), have less than $100,000 in the bank, and keep a sharp eye on your money, yes.  If you are worried, use 2 different banks, so if one is closed temporarily (probably would not be more than a couple days) during a takeover, you still have access to money elsewhere.  I wouldn't touch Wachovia -- there are concerns there.

Banks fail from time to time.  IndyMac was the biggest in a long time, and it got a lot of press.  The depositors can get their money, up to $100,000 ($250,000 in a retirement account).  Be prudent, not panicked.

Answer 24

insured up to 100,000

worst before its going to get better

Answer 25

lalalala

Answer 26

of course lt is

Answer 27

well, i think your money will be protected by some agencies, which i can't recall.  but yet, i'm not sure about this because i don't know what you mean by "indymac was the 5th bank this year that failed."

Answer 28

If you live in the USA, then yes.  It's insured by the FDIC, so you won't lose it if your bank fails.