Advice: Bank failures. Higher interest rates. High inflation. All this can make you lose your financial balance. But panicking can make things worse.
during the Great Recession, or the iconic scene in the Frank Capra classic, “It’s a Wonderful Life,” when desperate folks make a run on the Bailey Bros. Building & Loan.
It’s not useful to tell folks not to panic when they fear their money is at risk. Much as it was with my sister, it’s hard to stay calm if you’ve lost your financial balance and worry you can’t stand up.help put things in perspective because if you act on your fears rather than the reality of your situation, you could make things worse. Follow these four rules when financial events are making you panic about your money.
. Losses to the deposit insurance fund to cover uninsured depositors will be recovered by a special assessment on banks.The National Credit Union Administration is an independent federal agency that insures deposits at federally insured credit unions. It protects the members who own credit unions and charters and regulates federal credit unions. Like the FDIC, the insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.
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