When you deposit money into a bank, you’re essentially trusting that the bank will be able to pay it back to you — with interest in some cases — when you’re ready to withdraw it. But like any other entity, banks can fall on tough times. According to the Federal Deposit Insurance Corporation, two banks have failed so far this year and five failed in 2023.
So how can you trust that your money is safe in your bank? The FDIC helps with that.
You may have noticed that bank advertisements typically include the phrase
What Is FDIC Insurance and How Does It Work?
