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By Q. EARL YANCEY, CPA, P.C.
Rappahannock Newg contributing writer
In the past three years more than three hundred banks and savings institutions have failed. In 1984 seventy-nine banks failed, more than any year since the depression of the 30’s. Fifty-seven banks have failed so far in 1985, and the total is expected to rise. Over nine hundred banks and hundreds of savings and loans are on a “problem list” of institutions considered to be in difficulty. With such alarming statistics, do you know whether your various accounts are safe?
Savings institutions fail for a number of reasons — risky investments that don’t work out, mismanagement, or irregularities that may approach wrong-doing and fraud.
The majority of banks, savings and loan associations and credit unions are federally insured. Some, however, are not. Federal insurance on deposits carries the full backing of the United States Federal Government. Though you might get higher interest rates at non-federally insured institutions, you risk losing everything. Look for the emblems that indicate your deposits are insured by the Federal Deposit Insurance Corporation (FDIC) for banks, the Federal Savings and Loan Corporation (FSLIC) for savings and loan associations, and the National Credit Union Share Insurance Fund for credit unions. Deposits are insured up to $100,000.
If you have more than $100,000 in any one federally insured account, you could lose the excess if the bank failed. Certain combinations of accounts in the same institution are covered. For example, IRA and Keogh funds are insured separately
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