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July 16th, 2008 (Modified on July 17th, 2008)

Check Up On Your Bank

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Here’s something we found that’s an important follow up to a post we published on Wednesday, July 15, “Insure Your Money, Diversify Your Accounts” (see below).

Banks and credit unions are required by law to file quarterly reports that detail their financial condition. Click this link to verify if your bank or credit union (hence, your money!) is federally insured.

“You can look up your bank or credit union at the following links to a) make sure they are insured, and b) check their financial statements and ratio reports, which are a quick snapshot of their performance.”

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6 Responses to “Check Up On Your Bank”

  1. judykaplan Says: July 16th, 2008 at 4:39 pm

    Although the paragraph above this says you can check on your bank/credit union by clicking ‘above’, I keep getting same thing back. How do I get to banks/credit unions?

  2. anita carras Says: July 16th, 2008 at 7:48 pm

    I presently have my money market account and several CD’s with Wachovia. None of these accounts exceed $100,000 individually, but together they do. I want to know if these individual accounts are insured or if the total over $100,000 is not.
    Also I would like to know about the stability of Wachovia.

  3. Charles Goree Says: July 17th, 2008 at 10:54 am

    Is Wachovia Bank insured under FDIC?

  4. Tim Manni Says: July 17th, 2008 at 5:04 pm

    judykaplan- I edited the link. Click “click this link” and it will take you to “http://www.knoxviews.com/node/8425″ where you have the option of choosing two links that will take you to either bank or credit union look up.

  5. Tim Manni Says: July 17th, 2008 at 5:05 pm

    Charles Goree- Yes Wachovia is insured by the FDIC

  6. Tim Manni Says: July 17th, 2008 at 5:14 pm

    Anita Carras- From the FDIC: http://www.fdic.gov/deposit/deposits/insuringdeposits/index.html

    What Does the FDIC Insure?

    The FDIC insures all deposits at insured banks, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

    The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank.
    Basic Insurance Amount Is $100,000

    The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.

    If you and your family have $100,000 or less in all of your deposit accounts at the same insured bank, you do not need to worry about your insurance coverage — your deposits are fully insured.
    Coverage Over $100,000

    The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership.

    You may qualify for more than $100,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.

    Here’s a link so you may peruse it out on your leisure:

    http://www.fdic.gov/deposit/deposits/index.html

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HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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