Sometimes a news story gets you spooked. Especially when it's alittle bit out of the blue.
Make sure your bank deposits covered by FDIC
By Eileen Ambrose
October 14, 2007
You can go for years not thinking about federal insurance on bank deposits—and then a bank failure reminds you of how important this protection can be.
That happened Sept. 28, when regulators took over NetBank Inc., an Internet savings and loan based in Georgia.
In a failure, customers whose deposits are fully covered by the Federal Deposit Insurance Corp. have ready access to their funds. But if deposits exceed the insurance coverage, you may have to wait years to get your hands on the uninsured money, and you might not receive it all back.
Which is why it's prudent, even in these days when bank failures aren't common, to make sure your accounts are fully insured.
...
Most of us have never been through a bank failure, but NetBank can give you an idea of what happens to consumers. It was the second FDIC-insured bank to fail this year.
OOOOOOOOOOOOOOOOk. Bank failures?? Bank runs?? This is in the Chicago Tribune. I thought the Chicago mass media did not think there was a housing bubble. If housing and the economy is just fine, why should I be worried about my bank account, like it's the Depression all over again??
Further reading:
Google.com: "Northern Rock"
Google.com: "NetBank, Inc."
