Banks are Failing! It’s the End of the World! Jesus is Coming!

Failing banks, government bailouts, corporate bankruptcies, huge buyouts. It must be the end of the world! Jesus is coming soon! We should all take our money and stuff it in our mattresses.

Just in case you couldn’t tell, I was being a little bit sarcastic. People everywhere seem to be panicking and thinking the end of the world is near. It is not the end of the world. Let me say that again. It is not the end of the world! Everything’s going to be just fine. Your money is safe.

You don’t need to pull any money out of any bank. The FDIC insurance (or the NCUA) will cover your deposits up to $100,000 or $200,000 for joint accounts. The FDIC covers savings and checking deposits as well as certificates of deposit. They also cover cashier’s checks, interest checks, and more. Check the FDIC website for more information.

Although the FDIC doesn’t cover money market accounts through brokerages, the US Treasury Department earlier this week established a temporary guaranty program for them. Lasting one year, the government will cover any principal in a money market account. You won’t be insured for any interest but you’re guaranteed not to lose any of your money that you put in.