Ben Babcanec, Senior Vice President-Public Funds & Wholesale Deposit Manager – Are Your Bank Deposits Safe During COVID-19?

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We talk with Ben about the safety of your deposits at your financial institution during this COVID-19 pandemic.

All deposits are safe in your bank.  The FDIC insures up to $250,000 per depositor per account category.  What are examples of the account categories? Accounts like single, joint, retirement, revocable trust, and irrevocable trust are a few examples.  You can get specific information about what the FDIC insures at Ask EDIE. This is the FDIC’s Electronic Deposit Insurance Estimator.

With the FDIC insurance in place, you may want to think twice about taking a large amount of cash out to have on hand. Ben suggests if you do, only take out as much as you would need to cover expenses for a couple of months.  This will limit your urge to spend the money since is it readily available.

Deposit rates are low right now. Ben suggests talk to your financial planner for advice.  A good strategy to consider is laddering your CD investments over time – 1, 2, 3, or even 5 year CD’s.  This locks in rates, that over time, will have a better yield average.

Ben offers up 5 smart money tips to consider right now.

  1. Talk with your community banker. They have programs to help during these difficult financial times.
  2. Borrow prudently. Credit cards are not the best loan options.
  3. Check out charitable resources.  And if you can give, help them out.
  4. File your taxes.  If you are getting a refund, this is money that can help through the lean financial times.
  5. Sell unwanted items, and check your credit card statement for recurring subscriptions you may no longer really need.

 

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