Money Safety in Banks
You probably hear banks say they're insured by the FDIC, but if you're not sure what that means, you might be wondering what it has to do with keeping your money safe. We've got answers to (similar) common questions about where to keep your money and why.
Is my money safe in the bank?
Yes! Your money is definitely better kept in your accounts than, say, stuffed in your mattress or buried in the backyard. We've heard horror stories about people losing their life savings because a well-meaning family member bought them a new bed and tossed their lumpy old mattress, or a flood washing away their home and everything below and around it. If you had BBQ when you buried your cash, an animal might dig it up and carry away your hard-earned savings. You get the idea.
HOW safe is my money in the bank?
Your money is protected from natural catastrophe, but It's also insured by the Federal Deposit Insurance Corporation (FDIC), which means that in the very unlikely event that your bank fails, the United States government will reimburse you up to $250,000 per person on the account. Read more about how this works on the FDIC's website.
It's also protected against fraud. If your debit card is somehow used by someone that isn't you, you can file a report with your bank to dispute the charge and get your money back.
Which bank is safe to keep money?
Make sure any bank you are considering is insured by the FDIC. Look for the Member FDIC logo in the footer of their website (Insured FDIC or Insured by FDIC is also acceptable). As long as that's there, they are backed by the full faith of the United States government and are held to specific security standards. It might take you a few tries, but read through their privacy policy too to see what they do with your information and how it's kept safe (take a look at WaFd Bank's privacy policy), as well as what their website looks like to get an idea of their technology overall. All banks are required to have a standard of protection to keep their systems safe, but that doesn't mean that some aren't better than others. Ask around to see how sophisticated their app and other tools are and see what's right for you. Check out WaFd Bank's frequently asked security questions to get a feel for what we offer.
Here to Help
WaFd Bank is here for you! With secure checking accounts, as well as secure savings accounts, we're fanatical about security, offering services such as Voice-Activated Banking, which remembers your voice print to make sure no one can call in pretending to be you. If you want to open an account or just have some questions, let us know! Ask Walt, give us a call at 800-324-9375, or visit your local branch.
