A Reader Asks: Is My Money Safe in the Bank?
More than 70 U.S. banks have failed this year, according to the FDIC. And one DailyFinance reader wants to know how safe is the money in our bank accounts? Laura Rowley responds.
FDIC Guarantee
Bank Bailouts Cost Much Less Than the FDIC Expected
Given the level of public outrage over the government's rescue of banks during the financial crisis, the final cost to the taxpayer of keeping those failed institutions afloat turns out to have been relatively modest: The FDIC has paid out a mere $8.89 billion to 165 banks since the crisis began.
Depositors at Failed Banks Get $200 Million
A provision in the newly passed Dodd-Frank financial overhaul law makes the higher FDIC insurance limit of $250,000 retroactive to 2008. That means depositors at six banks will now get reimbursed for the higher amount.