You've taken several steps to protect yourself and your sensitive personal data against identity theft and identity fraud. It's time to do the same for your money. While we all have money in deposit accounts insured by the FDIC, this Bankrate article highlights the point that just because your money is in an FDIC-insured account doesn't mean it is really insured:
"Well, you're safe if your account has $100,000 or less, or $250,000 in the case of retirement accounts. The Federal Deposit Insurance Corporation insures deposits up to $100,000, or $250,000 for retirement accounts, at most banks and savings associations. Credit Union deposits are covered by the National Credit Union Administration."
This is the analysis you should do to properly structure your bank accounts so all of your mony is insured:
"But you've got a problem if your deposits in non-retirement accounts add up to more than $100,000, and that happens more often than you might think. Remember that savings, checking and certificates of deposit, and the interest on those deposits, all count toward that $100,000. If your bank goes under and your accounts aren't properly structured, you could lose anything in excess of $100,000."
No matter what advice your bank gives you, it is the consumer's responsibility to properly structure your bank accounts. This includes accounts that may be in trust for a child or family member.
"Jim McLaughlin, director of regulatory affairs at the American Bankers Association, says bank personnel who open accounts should know how to structure them for insurance, but you shouldn't even think about asking a teller."
According to laughlin, bank tellers aren't trained to provide the financial advice you need. You've worked hard for your money. You don't want to lose any of it.