How Do You Know if Your Money is Insured?

How do you ensure your money is as safe when a bank collapses? Why is diversification key in your banking portfolio?

In an industry where 47% of deposits are uninsured and recent failures like Silicon Valley Bank have shaken confidence, we discuss the important role of the FDIC in monitoring, auditing, and even deciding the future of banks.

We talk about the different account types, from joint to trust accounts, and the changes in trust law that might affect your coverage.

Key Topics:

• Using the EDIE calculator to determine the insurance on your accounts.

• Coverage limits for various account types.

• The creation and role of FDIC.

Links mentioned in the show:

To find out your FDIC coverage, use the EDIE calculator - https://edie.fdic.gov/calculator.html

Time Stamps

03:41 Arizona banks focus on real estate lending.

06:50 Banking industry changing with quick money movement. FDIC essential?

11:13 Minimum $15M with ownership restrictions by FDIC.

14:04 Starting a business takes a lot of cash.

19:19 Consolidate bank accounts for insurance flexibility.

21:22 Interbank lending facility for short-term cash needs.

24:45 Savings accounts struggle to keep up with inflation.

28:29 Different organization, same insurance, not covering CDs.

Disclaimer: The information provided in this podcast is for general informational purposes only and should not be construed as professional financial advice. Always consult with a qualified financial advisor or professional before making any financial decisions. The hosts and guests of this podcast are not responsible for any actions taken based on the information presented.