Let’s not panic people. Read the FDIC info about Indymac. It explains what to do if you had an account there, a good preview of what can happen if you bank at Wamu (like I do) or any of the others at risk.
Also check out this handy FDIC calculator which tells you if you’re covered or not. Read the instructions here then click on “go to calculator”.
In summary:
You’re covered up to $250k on IRA accounts
You’ve covered up to $100k for all your regular (savings, checking, cd) accounts combined
You’re covered at those amounts per bank
Naming beneficiaries on any retirement account DOES NOT INCREASE FDIC coverage
Simply naming beneficiaries on REGULAR accounts does NOT necessarily increase your coverage! It must be a POD (payable on death) account or a trust. This must be specified in the account name!
