Given the scares the economy has faced in recent years, some consumers may feel wary about putting money in a checking or savings account.
However, the Federal Deposit Insurance Corp. wants to remind consumers that the safest place for their funds is in an institution that it insures. At its most basic level, the FDIC guarantees banking deposits for up to $250,000, though some people may qualify for more protection.
"Consumers who do not keep their money in banks are at risk of loss, theft or destruction of their money," FDIC representative Ivan Cintron said. "Once money is withdrawn from insured institutions, consumers no longer have deposit insurance protection."
Recently, a number of organizations, including the FDIC, took part in America Saves Week. Through saving money, consumers may avoid the sudden lack of funds that comes with unemployment. Doing so also ensures that people can cover unexpected expenses, such as those associated with car repairs or healthcare.
Banking News: This article was published
on March 5, 2010 at 9:59 am.
