Banks going under.. Indymac?

Question

I don't understand what's going on. I've read reports and articals but I just don't understand. Will federal credit unions go under like the banks? I don't really understand the situation with the banks going under but should I take my money out of my savings account? Sorry that I don't understand what's going on but can someone explain it in layman's terms? Thank you

Answer 1

If your account is FDIC insured, and less than $100K, it will be safe.  You might be inconvenienced for a couple of days while the FDIC puts the new bank management in place.  Most financial institutions are FDIC insured; check with your bank to be sure.