"The average consumer assumes their bank is stable and whatever assets they have in a bank will be protected even if that institution goes under," says Ken Dolan. "Unfortunately, those rose-colored glasses may lead to disaster. The truth is, not everything in the bank is protected and not all banks offer FDIC protection. It's up to each of us to protect ourselves. Proceeding with caution, not out of fear, is the best way to keep your money safe and your sanity intact."
According to the Dolans, most consumers are grossly uninformed about what warning signs indicate possible trouble at the bank and what protection may or may not exist for their assets.
Among the essentials provided by the Dolans, you need to know:
- What the FDIC is and how it protects you and your money;
- What is covered by the FDIC such as deposits ... and what is not covered, such as investment accounts and safe deposit boxes;
- The limits to FDIC coverage and how to protect money over the limits;
- The warning signs that your bank is in trouble and how to find out for sure; and
- What to do if your bank fails.
"Our goal is not to scare people, but to make sure the average person knows how to protect their own money," explains Daria Dolan. "The truth is that more than $7 TRILLION is sitting in uninsured banks. We want to ensure that our readers aren't among those at risk."
