Protecting your deposits

Some Options for Protecting Accounts
Money sitting unprotected in the bank doesn't have to stay that way.
The Federal Deposit Insurance Corporation guarantees deposits of less than $100,000 but says that about 37% of domestic bank deposits aren't insured because the FDIC insures checking and savings accounts and CD's, but not other financial products including mutual funds, annuities and life insurance. The National Credit Union Administration provides the same protection to credit-union deposits. About 100 of the nation's approximately 8,500 banks and savings associations are currently on the FDIC's list of problem banks. Have a balance over $100K? One simple move is to open a joint account, which is insured for up to $200,000. Additional accounts could protect even more assets. An IRA held at a bank is insured by the FDIC for up to $250,000 only if the account is invested in bank products and not stocks or mutual funds. Be aware that if the banks merge, their deposits may climb higher than the protected limits. Lots of other options, check out the FDIC website. http://www.fdic.gov/