September 18th, 2008 by Reed Allmand 
In today’s volatile market, many are worried about bank failures, the security of their deposits and the handling of mortgages, credit cards accounts and investments by faltering banks. Let’s take a look at some facts.
Fact #1: Your deposit accounts worth up to $100,000 are insured by the FDIC. In a joint account, each depositor is insured up to $100,000. Also, some retirement accounts, such as IRAs and 401(k)s, are insured for up to $250,000 per person. Any money over $100,000 is not insured.
Fact #2: Banks that fail, file bankruptcy, sell their assets or are placed in conservatorship by the FDIC will usually continue near normal business operations during the transition.
Fact #3: If your bank is sold or placed in FDIC conservatorship, deposits, mortgages, credit cards and investments will be placed under the jurisdiction of the new owner or FDIC.
About Reed Allmand
Allmand's vision is rooted in his own financially precarious childhood in Abilene "My father always had difficulty holding a job and supporting our family, so after my parents divorced when I was 12, my sister and I got jobs to help make ends meet," he recalls. "I remember what it felt like as a child to worry that our car would be repossessed or home foreclosed on."
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