Last week we had a conversation with Jane Kamensky about the U.S.'s rich history of bank runs. While it definitely put the IndyMac failure in context, it left y'all with quite a few questions about the safety of your money, and specifically, credit unions. So today, Liz Pulliam Weston will take your calls... but first, here's a preview from the personal finance columnist herself. Take it away, Liz...
With the high-profile failure of IndyMac bank, many people are worried about the safety of their savings. Here's what you need to know:
Bank accounts are typically insured by the Federal Deposit Insurance Corp. (FDIC), an independent federal agency, with a basic insurance amount of $100,000 per depositor. Certain retirement accounts, such as individual retirement accounts, are insured up to $250,000 per depositor. For more information, visit the FDIC's Web site.
Most credit unions are insured by the National Credit Union Administration, which is also an independent federal agency. Like the FDIC, the NCUA is backed by the full faith and credit of the U.S. government, with a basic insurance amount of $100,000 per depositor per credit union, with coverage of up to $250,000 for certain retirement accounts. For more information, visit the NCUA Web site.