The Federal Deposit Insurance Corporation (FDIC) has been in the news recently as bank failures have made headlines. As an independent agency created by Congress, the FDIC provides deposit insurance coverage for institutions like banks, ensuring that depositors are protected in the event of a bank failure when the bank does not have sufficient assets to pay off depositors.
It’s worth noting that the FDIC insures deposits up to $250,000, providing peace of mind to depositors who may be concerned about the safety of their funds. However, you may be wondering if your IRA is also protected by the FDIC, especially in light of recent news coverage. In this episode, we’ll answer your questions about banking, FDIC, IRAs, and more. Stay tuned as we cover the five facts that you need to know.
Here’s some of what we discuss in this episode:
- Not all IRAs are protected by FDIC insurance. [3:06]
- IRA deposits are insured separately at each institution. [4:22]
- Your IRAs are insured separately from other deposits. [5:35]
Listen to more of our conversation in the podcast or reach out to us to talk about your financial situation and goals.