NEW HAVEN, Conn. (WTNH) — There is currently chaos in the banking world. The collapse of Sillicon Valley Bank, and the ripple effect, has some people and businesses uneasy about where their funds live.
While experts say there are protections in place, here are a few tips you can consider. We are stretching your dollar, helping you protect your money.
First, make sure your bank is F-D-I-C insured. The Federal Deposit Insurance Corporation protects consumers within a $250,000 limit. Few banks offer more insurance than that, and it may give you a peace of mind to know it is there.
You can also open multiple accounts at different banks so all your funds aren’t in the hands of just one lending institution, in the unlikely event there is an issue at one of them.
Also, you can open a joint checking account, which would insure up to $500,000, that’s $250,000 for each person.
While some banks are considered too big to fail, it doesn’t hurt to find out what safety measures are in place, and if there is anything more you can be doing.
The bottom line: a collapse is unlikely to impact you, but as we are seeing, it is not impossible.