If YOU were to go broke, or if the BANK were to go broke? I don't think the FDIC makes any promises about your personal solvency; it only insures actual deposits.
I don't think I've ever seen a bank the wasn't FDIC insured. I'm sure they must exist, but they wouldn't be well-known. If the bank has a web page, see if it says "Member FDIC" or something similar. It's usually in small print at the bottom.
If your bank is a member, your money is protected unless it is a very non-standard type of checking account.
I'll add the caveat that your money is protected by FDIC insurance, but in the event of numerous simultaneous bank failures, it might take years to be repaid, and you would lose the inflation-adjusted value, not to mention the use of the money for that time period.
It's hard to say how likely or unlikely such a scenario is anymore, since economic conditions are being shaped almost entirely by investor confidence and perception [which impacts credit availability in a very real way].
In short, your money is probably reasonably safe, but if you expect to need any of it anytime soon, it's probably wiser to utilize several different financial institutions to hedge against the worst case scenario.
I even think this view is slightly alarmist - the government will probably go to pretty great lengths to make sure that FDIC-insured deposits remain available, because if that breaks down then basically the world financial system is gone and it doesn't matter, to a first approximation, where you had your money anyway.
As long as your account is a checking or savings account, then you're fine. If it is a money market account, which isn't terribly uncommon, you should get it into an FDIC-insured savings account.
Actually, this page indicates that money market accounts may be FDIC insured after all. Anyway, if you're underlying question is whether FDIC insurance applies to you as a non-citizen, I think you wanted this page.
Non-Resident Coverage: Non-US residents can have funds protected by FDIC insurance so long as the funds are deposited into an FDIC-insured institution and are within the insurance limits.
Non-Citizen Coverage: Non-US citizens can have funds protected by FDIC insurance so long as the funds are deposited into an FDIC-insured institution and are within the insurance limits.
If your underlying question is whether your account is FDIC insured, the answer is almost absolutely yes, but check if it would make you feel better.
Also, while your money is safe, if you'd still like to Chicken Little it up, the conventional wisdom is that National City is in a precarious situation while PNC is not. I presume your bank is one of those.
FDIC is backed by the full faith and credit of the US. Failure for FDIC to pay means the US is bankrupt, which means that the US economy is beyond fucked, which means that the Canadian economy is screwed, which means Gustavo may have to hike home to Brazil.
You probably should, but China may be very, very far up the creek if the US stops buying widgets, Chinese companies start to fail, people suddenly don't have the palliative of roaring economic growth to keep their minds off the political situation there, a charismatic leader leads a revolution, fighting breaks out, nukes start flying, ...
ask the bank. what my bank told me a few years back, checking and savings are covered by FDIC, money market funds are not. BUT, they added, even FDIC can be irrelevant IF the government goes bankrupt. LOL
lots of info on www.fdic.gov, including FAQs they've provided for customers of banks that have failed.
i researched this a lot a few weeks ago (being as my accounts are/were at WaMu... sigh).
historically, when this has happened, the FDIC has just found a solvent bank to take over operations of the failed one until the accounts could be closed or moved, so it was very seamless for customers (ATM cards, checks, direct deposit, etc. still worked). in the worst case scenario, it might close completely and the FDIC would cut you a check. i hear they get on that pretty quickly, but obviously it might take a few weeks for that to happen.
![[personal profile]](https://www.dreamwidth.org/img/silk/identity/user.png){kind=small}
gusl![[identity profile]](https://www.dreamwidth.org/img/silk/identity/openid.png){kind=small}
(no subject)
Date: 2008-10-11 10:22 am (UTC)(no subject)
Date: 2008-10-11 11:47 am (UTC)If your bank is a member, your money is protected unless it is a very non-standard type of checking account.
(no subject)
Date: 2008-10-11 01:17 pm (UTC)It's hard to say how likely or unlikely such a scenario is anymore, since economic conditions are being shaped almost entirely by investor confidence and perception [which impacts credit availability in a very real way].
In short, your money is probably reasonably safe, but if you expect to need any of it anytime soon, it's probably wiser to utilize several different financial institutions to hedge against the worst case scenario.
(no subject)
Date: 2008-10-11 01:44 pm (UTC)As long as your account is a checking or savings account, then you're fine. If it is a money market account, which isn't terribly uncommon, you should get it into an FDIC-insured savings account.
(no subject)
Date: 2008-10-11 01:50 pm (UTC)(no subject)
Date: 2008-10-11 04:14 pm (UTC)(no subject)
Date: 2008-10-11 04:18 pm (UTC)(no subject)
Date: 2008-10-14 12:01 am (UTC)Though they have been eliciting warnings since the spring.
(no subject)
Date: 2008-10-14 12:07 am (UTC)(no subject)
Date: 2008-10-14 12:18 am (UTC)(no subject)
Date: 2008-10-14 12:21 am (UTC)I could be a pessimist all night long!
(no subject)
Date: 2008-10-14 12:25 am (UTC)(no subject)
Date: 2008-10-11 07:21 pm (UTC)(no subject)
Date: 2008-10-11 07:53 pm (UTC)(no subject)
Date: 2008-10-11 11:19 pm (UTC)(no subject)
Date: 2008-10-11 09:23 pm (UTC)lots of info on www.fdic.gov, including FAQs they've provided for customers of banks that have failed.
i researched this a lot a few weeks ago (being as my accounts are/were at WaMu... sigh).
historically, when this has happened, the FDIC has just found a solvent bank to take over operations of the failed one until the accounts could be closed or moved, so it was very seamless for customers (ATM cards, checks, direct deposit, etc. still worked). in the worst case scenario, it might close completely and the FDIC would cut you a check. i hear they get on that pretty quickly, but obviously it might take a few weeks for that to happen.
(no subject)
Date: 2008-10-12 07:46 am (UTC)(no subject)
Date: 2008-10-12 07:56 am (UTC)(no subject)
Date: 2008-10-14 12:30 pm (UTC)Get an ing savings account, and put your money into a decent bank.