Here at WWAY, we have received questions from many of you concerning your finances. The main concern is bank closures, and whether your money is safe in them. In the old days, a person may have believed the safest place to keep their money was under their mattress. Even with all the talk of banks in financial turmoil, officials say your money in banks is safe and sound. It is no secret, in today's economy, banks are feeling the crunch. Credit is less available and loans are harder to come by. According to the Federal Deposit Insurance Corporation, or FDIC, more than 30 banks have closed their doors since 2002. Despite that, Chief Operating Officer for Cooperative Bank, Buddy Burrell, said the FDIC is there to protect you. "All banks are FDIC insured," said Burrell. Burrell mentioned that his bank has seen an increase in calls from customers who are concerned about their accounts and wondering if they need to pull their money out. “Banks are very highly regulated and their deposits, being insured are going to be safer than anywhere else you could put your money. That's just an unnecessary thought that people may have," Burrell said. Under federal law, all bank deposits are insured up to $100,000, but there may be an increase in the future. “There is a lot of talk about raising it to $250,000, which would even more insure people's deposits and make them feel safer," added Burrell. The US Senate did pass the bailout bill to buy $700 billion worth of troubled assets from financial institutions. The bill also included raising the FDIC insurance cap to $250,000, from $100,000. Buddy said if the bailout bill passes the House, it should be a confidence booster for the everyday consumer. If you are still not convinced that your money is insured, you can log on to www.fdic.gov, plug in your account types and check what funds are covered under FDIC.
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