Time to Review FDIC insurance
TL;DR: Check that your banks offer FDIC insurance.
In the 2008 crash, some people who banked with banks that went under couldn’t get into their own funds.
Since then the world has learned a lot, and FDIC insurance (which is meant to protect us consumers from that) raised it’s limit to $250k. With the given market conditions, it’s time to double check our bank accounts and make sure we’re FDIC insured. That means:
- Double checking your bank accounts is FDIC insured, and your securities in brokerage accounts are SIPC insured. And check
- You’re not over the limit at any one bank.
If that doesn’t make any sense I’d suggest Googling FDIC insurance and SIPC insurance. While I personally don’t think there’s any real cause for panic, it’s always smart to be prepared.
Happy FDIC’ing,
TheJKW