When checking out all these whippersnapper online banks with their crazy high interest rates, you gotta make sure they’re FDIC Insured so you’re protected if they go under. But what does FDIC Insured actually mean? My Money Blog probes.

First off, FDIC Insured deposits are guaranteed up to $100,000 . However,

1. Banks still fail, and without warning.
2. If your money is insured, it is unlikely any failure will interrupt access to your funds for long. Either another bank will take over (they all want more deposits), or the FDIC will pay out from their reserves.
3. Never exceed FDIC insurance limits, because you may never see your uninsured money again.

Always check for the FDIC Insured logo, pictured above, on the bank’s site or marketing materials. Otherwise, take your money elsewhere. — BEN POPKEN

FDIC Insurance: What If My Bank Fails? [My Money Blog]
RELATED: Who is the FDIC? [FDIC.gov]

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