The FDIC, short for the Federal Deposit Insurance Corporation, fully insures individual accounts up to $100,000 per deposit per bank, and $250,000 for most retirement accounts.
The FDIC does not cover money invested in stocks, bonds, mutual funds, life-insurance policies, annuities or municipal securities.
The FDIC disclosed last month that it was closely watching 90 financial institutions on its "problem bank list." While that number is higher than it has been in the last few years, it is still relatively low, Williams-Dickerson said. In fact, there were 2,165 on the list in 1987. The FDIC does not publish the names of the trouble banks for fear of spurring a bank run.
To find out how safe your bank is, you can check out the Safe & Sound rating on Bankrate.com, which provides a sense of the relative financial strength and stability of commercial banks, savings institutions and credit unions.
*Source: CNN
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