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00:00 48% of Americans feel moderately to very concerned about the safety of their money in financial
00:06 institutions.
00:07 But should we really be as worried as we are?
00:09 Not really.
00:10 That's thanks to three acronyms, the FDIC, the SIPC, and wait for it, the NCUSIF.
00:17 All of these organizations provide insurance for depositor accounts at member banks, credit
00:22 unions, and investment brokerages.
00:24 This means if the institution goes under, the depositors haven't lost everything.
00:28 First off, there are limits for coverage up to $250,000 per individual per bank.
00:34 So if you have a half a million at one bank across different accounts, technically only
00:38 half of that is covered.
00:40 Secondly, only certain accounts qualify, but it's probably the ones you have.
00:44 Third, it does not protect you from the loss of value due to inflation or market fluctuations.
00:49 So just make sure everywhere you have money is insured by one of those institutions.
00:54 Double check your balances and take a deep breath.
00:57 Most likely, you're covered.
00:58 Most likely, you're covered.
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