Is Your Money Safe in the Bank? | FDIC Limits Explained

In this video, I will walk through the importance of the FDIC limits and to ensure you have your accounts set-up safely so they are properly insured.

With the recent collapse of Silicon Valley Bank, Signature Bank (New York), and First Republic Bank, its ever more important to ensure you take an audit of your money at each institution and make sure its protected.

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FDIC (Federal Deposit Insurance Corporation), was created in June 1933 during the great depression as a response to widespread bank failures and loss of public confidence in the bank system. Its primary purpose is to protect depositors by insuring deposits, promoting financial stability, and maintaining public trust in the U.S. bank system.

Credit Unions have a similar insurance protection through the National Credit Union Administration (NCUA), an independent federal agency that insures deposits at federally insured credit unions. The NCUA operates the National Credit Union Share Insurance Fund (NCUSIF), which provides deposit insurance coverage up to $250,000 per depositor, just like the FDIC.

The FDIC insurance coverage does cover Checking, Savings, Money Market Accounts, Certificates of Deposits (CDs), Cashiers Checks and Money Orders.

The FDIC does not cover stocks, bonds, mutual funds, life insurance policies, crypto assets, annuities, safe deposit boxes and their contents, or municipal securities.

Make sure your bank is listed on the FDIC covered banks. Visit: [BankFind Suite: Find Institutions by Name & Location (fdic.gov)](https://banks.data.fdic.gov/bankfind-...)

Insurance is: $250,000 per depositor, per insured bank, for each account ownership category.

Some tips:

1. Open up a couple of bank accounts at different banks.
2. Make sure you have accounts open under different categories.

Visit the FDIC website here for more information on the 14 different category types: [FDIC: Your Insured Deposits](https://www.fdic.gov/resources/deposi...)

About my channel:
Rob CPA channel was created with a mission to provide viewers with accurate content so they can be proactive in their tax planning strategies and build financial wealth. The video topics I selected reflect real-world issues that I’ve seen our clients experience relating to their personal tax returns, retirement plans, and accounting.

The channel allows me to share my passion for taxes, personal finance, and accounting. I create content I wish schools and entrepreneurship programs/accelerators would teach their students and companies. I take complex topics and simplify them for the viewers as well as show examples.

I will be covering the following topics:

Personal & business tax planning tips;
Personal finance;
Accounting;
Investing;
Entrepreneurship

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