Another week, another bank failure. Columbia Bank of Topeka, Kansas became the 9th bank to fail so far this year. You can read all the gory details here, but we want to focus your attention on just one number: $46 million.
$46 million was held in accounts at Columbia Bank that will NOT be covered by FDIC insurance. Most likely because those accounts were over the $100,000 FDIC limit. That's a lot of people losing a lot of money-money that, like you, they probably thought was safe in their bank. That's a lot of hard work, retirement dreams and college tuition payments that just went up in smoke!
Look, the banking industry is facing some serious trouble right now and we expect more failures ahead. (There are 90 banks sitting on the FDIC "trouble" list right now.) Don't let this happen to you and your loved ones.
Understanding how FDIC insurance works and taking a few simple steps to making sure you are playing by those rules can save you tremendous heartache should your bank fail. So, please take a few minutes now to be absolutely sure your money is safe.
Just watch our video below for a simple explanation of the rules and the steps you should take to protect the maximum amount of money possible.