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Before you start stashing money under your mattress, Suze says there's a way to make sure every penny is protected in the bank. "You don't need to panic," she says. "First, you're going to check and make sure that you have FDIC [Federal Deposit Insurance Corp.] insurance—[that] your bank is FDIC insured."

FDIC insurance covers up to $100,000 per account in your name. If you have more than $100,000 in one bank account, look into opening more accounts so you'll always be protected.

To see if your bank is protected by the FDIC, go to www.MyFDICInsurance.gov. From there, Suze says you can answer a few questions and find out whether your savings are safe.

"If it's not, you're going to move it to another bank that it is," she says. "If it's insured, you have nothing to worry about. Even if your bank goes under, you will have access to your money. You'll be fine. ... FDIC has the taxing and authority of the United States government behind it, so you don't have to worry."

Is your money in a credit union? Chances are, it's protected. What Suze says you should know about keeping your money safe in credit union accounts.
FROM: Recession-Proof Your Family with Suze Orman
Published on September 25, 2008
Please note: This is general information and is not intended to be legal advice. You should consult with your own financial advisor before making any major financial decisions, including investments or changes to your portfolio, and a qualified legal professional before executing any legal documents or taking any legal action. Harpo Productions, Inc., OWN: Oprah Winfrey Network, Discovery Communications LLC and their affiliated companies and entities are not responsible for any losses, damages or claims that may result from your financial or legal decisions.


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