Is it safe to have saving in countrywiede now?

Question

countrywide said they are merging with bank of america .

Are thye with bank of america?

I have CD there maturing after 3years , should I cancel with penalty and transfer fund to other bank?

Answer 1

If it is fully insured, don't worry about it.

Answer 2

I agree with Katie W.  As long as you have less than $100,000 saved, you're FDIC insured, which means if something happens the government will back you up.

Answer 3

Why would you eat the penalties on cancelling the CD?  Does Bank of America offend you somehow and you'll eat the costs in order to keep from doing business with them?

Bank accounts with both Bank of America and Countrywide are insured through FDIC -- as long as your balances total less than $100,000, your money should be safe.  And if you're worried about banks -- how would you know for sure that another is any stronger?