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Is Your Money Safe?
CNNMoney.com has a new article about the latest bank failure in a series that is setting a disturbing trend. A small town bank in Arkansas was shut down by the Office of Comptroller of the Currency (OCC) due to unsafe lending practices.
As that's the third bank to fail this year, there are concerns that the nation should expect more banks to follow suit. Since we've been talking about ways to help you have more money and lower your debt we should also talk about ways to protect your money in the event your bank should fail.
Here's what not to do. Don't run to your bank in a mad fit and declare you know they're going belly-up and demand to withdraw all your money this very minute! The situation isn't nearly that dire, and frankly, people will look at you funny.
What you can do is make sure that your money is protected, particularly if you carry large balances at your bank. Become familiar with the ins and outs of FDIC and NCUA insurance, and make sure your bank or credit union is insured by one of the two. If they
don't offer this type of insurance, consider a switch.
For more in-depth information on FDIC and NCUA insurance and tips on protecting your money, check out Master Your Card. Hey—it beats sleeping with a pile of dollar bills stuffed in your mattress! [CnnMoney.com]