As I sit here, hoping that Tropical Storm Fay stays a TS and doesn't hit Tampa too hard so I don't have to get out of bed and move the furniture off my balcony, I wonder....what would happen if a storm hits and my banks get flooded? I bank with BAC so I'm not personally too worried if a couple of branches had to close for a few days, but what about the small banks...are the safes water proof? Will I still have my money in my checking account if the cash blows away? Well, here's what I found ...
Bank Operations/Deposit Insurance
Q. If my local bank was destroyed, is my money still insured?
A. Yes, your money is still insured by the Federal Deposit Insurance Corporation. Deposits with a FDIC insured bank or savings institution will continue to be protected up to $100,000. However, you should keep any financial records that you have in order to help reconstruct your accounts.
Q. Will there be enough cash?
A. Be assured the Federal Reserve System has and will continue to meet the currency needs of the financial institution industry. The banking industry nationwide has more than sufficient resources to fill any shortfall.
Q. Is my bank safe? Do you believe the affected banks will survive?
A. We are not aware of any bank that has closed due to the impact of a natural disaster. Consumers can also rely upon the guarantees provided by the FDIC, which oversees the insurance funds that back deposits in banks and thrifts, and the National Credit Union Share Insurance Fund, which protects credit union depositors. These depositors can rest assured that deposit insurance is in full force.
Q. Who can I contact for more information?
A. The FDIC has a consumer hotline set up for this crisis. Please call 1-877-ASK-FDIC (275-3342). The hotline is operating 24 hours a day, 7 days a week.
Q. If my local bank was destroyed, is my money still insured?
A. Yes, your money is still insured by the Federal Deposit Insurance Corporation. Deposits with a FDIC insured bank or savings institution will continue to be protected up to $100,000. However, you should keep any financial records that you have in order to help reconstruct your accounts.
Q. Will there be enough cash?
A. Be assured the Federal Reserve System has and will continue to meet the currency needs of the financial institution industry. The banking industry nationwide has more than sufficient resources to fill any shortfall.
Q. Is my bank safe? Do you believe the affected banks will survive?
A. We are not aware of any bank that has closed due to the impact of a natural disaster. Consumers can also rely upon the guarantees provided by the FDIC, which oversees the insurance funds that back deposits in banks and thrifts, and the National Credit Union Share Insurance Fund, which protects credit union depositors. These depositors can rest assured that deposit insurance is in full force.
Q. Who can I contact for more information?
A. The FDIC has a consumer hotline set up for this crisis. Please call 1-877-ASK-FDIC (275-3342). The hotline is operating 24 hours a day, 7 days a week.
*** Another point of interest is that the contents in your safety deposit box are NOT insured against natural disasters.
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