Since our economy is going to hell...

[TommyLee]

Do I have to worry about losing the money I have in the bank?
Would it be a smart move to pull all my money out?

BTW, I'm with Regions.

[Aranince]

No. If you pull all your money out, money will lose its value and eventually be worth nothing. Your money should be protected. I have an account at WaMu, and they went bankedrupt, but my money is protected.

[swiftaw]

Money in checking and savings accounts are insured by FDIC (essentially the federal government) for up to $100000 per account.

Therefore, no reason to stuff it under your mattress.

[TommyLee]

No. If you pull all your money out, money will lose its value and eventually be worth nothing. Your money should be protected. I have an account at WaMu, and they went bankedrupt, but my money is protected.

so if the money is protected, who loses in a bankruptcy?

[swiftaw]

so if the money is protected, who loses in a bankruptcy?

Shareholders.

[EricNau]

Money in checking and savings accounts are insured by FDIC (essentially the federal government) for up to $100000 per account.
I believe it's per depositor, not per account.

[hulugu]

Money in checking and savings accounts are insured by FDIC (essentially the federal government) for up to $100000 per account.

Therefore, no reason to stuff it under your mattress.

What if it's in raw cocaine? I don't think the FDIC covers that, do they?

[sushi]

Do I have to worry about losing the money I have in the bank?
In a savings or checking account up to 100,000, then no.

Would it be a smart move to pull all my money out?
If you pull all your money out, where will you put it? A hole in your back yard?

Nope, a bank is a safe place to keep your money.

Money in checking and savings accounts are insured by FDIC (essentially the federal government) for up to $100000 per account.

Therefore, no reason to stuff it under your mattress.
Well said.

[pseudobrit]

Do I have to worry about losing the money I have in the bank?
Would it be a smart move to pull all my money out?

BTW, I'm with Regions.

Depositors in most accounts (savings, checking, money market, CDs) are covered for $100,000, with an additional $250,000 of coverage per depositor for any money in an IRA.

The money is insured to the limits above by the FDIC. In a case of bankruptcy, they will make good on any outstanding insured deposits for which the bank cannot. Equity shares and bonds are typically wiped out.

The only reason to pull your money out is if you're above the insured limits or you suspect your bank is in trouble and absolutely cannot go without daily account access over any given weekend.

[TheAnswer]

What if it's in raw cocaine? I don't think the FDIC covers that, do they?

Your cocaine should be in a safe deposit box, not a bank account.

[pseudobrit]

Your cocaine should be in a safe deposit box, not a bank account.

Wall Street will want the government to give it to them as part of the bailout package also.