2023 has been a wild ride so far. We've seen the biggest bank failure since 2008, the fallout from which left Credit Suisse (CS) in hot water and wrecked havoc on the market. The biggest question on the average investor's mind at a time like this: "Is my money safe?" There are a few things to be mindful of when answering that question, says Dan Geltrude, founder of the accounting firm Geltrude & Company.
Start with checking your bank balance, and make sure you're "under the FDIC-insured limits." If your bank is insured by the FDIC, the amount of "coverage you may be entitled to depends on the FDIC ownership category" according to the agency's website.
It can all be very overwhelming, but Geltrude says "it is not the time to panic." Running to the bank and pulling out all your money may seem tempting, but Geltrude assures, "we are not at that point. But, again, you want to be mindful of where your money is and what your balances are."
Key video moments:
00:00:02 - Is my money safe?
00:00:09 - Have you been managing your balances?
00:00:17 - It's not the time to panic
Click here to watch our full conversation with Dan Geltrude, including his top tips for tax season.