Banking Secrets Uncovered: Staying Safe with FDIC Insurance & Insider Story from the 2008 Crisis

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Empower your financial journey by understanding FDIC insurance, protecting your assets, and learning from the past…

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Episode Summary:

FDIC Insurance Explained

In this episode, we dive into the details of FDIC insurance, including its history, purpose, and coverage limits, to help you better understand how it works and how you're protected.

Protecting Yourself & Trusts

We discuss the importance of keeping your accounts under FDIC insurance limits, staying protected in the case of a bank failure, and the potential risks of “un-funding” your family trust.

Credit Unions & Investment Products

Learn about the coverage provided by the NCUA for credit unions, as well as the lack of FDIC insurance for financial products like mutual funds, stocks, and bonds, and the role of SIPC insurance.

Strategies for High Balances

Explore the options for managing accounts that exceed FDIC limits, such as splitting funds between multiple banks or working with a financial advisor to purchase CDs from different institutions.

Insider Story from 2008 Crisis

Get a firsthand account from John Mack, former CEO of Morgan Stanley, about the government bailout during the 2008 financial crisis and the impact it had on the banking system.

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Professional Journey- As the President and a CERTIFIED FINANCIAL PLANNER™ professional at TruNorth Wealth Management, LLC, I've found my calling in helping pre-retirees confidently navigate the crucial decision of retirement. Our team is dedicated to guiding family-oriented couples from being net savers to net spenders. We invite you to join our extended family and experience the TruNorth Wealth difference.

Danette Lowe, CFP®

Founder – Wealth Advisor

TruNorth Wealth Management, LLC

123 W. Nye Lane, Suite 520, Carson City, NV 89706

Connect with Danette @ https://linktr.ee/trunorthwealth

This podcast is for informational purposes only. The situations used herein do not constitute a recommendation as to the suitability of any investment for any person or persons having circumstances similar to those portrayed, and a financial advisor should be consulted for your specific situation. Neither Commonwealth Financial Network nor your representative provides tax advice.

Securities and advisory services offered through Commonwealth Financial Network®, Member FINRA/SIPC, a Registered Investment Adviser.