A. We will look at 3 popular places people could park their money and evaluate their safety levels.
Let's start with the banks and credit unions.
Your money in the banks and credit unions are protected by the Federal Deposit Insurance Corporation (FDIC), up to $250,000. Note that this limit is based on per person, not per account. For example, if you have two separate accounts at the same bank, you are only protected at the $250,000 level.
When you go to a bank or a credit union's branch to make a deposit, make sure check the FDIC sign at the counter. If you have more than $250,000, it's best to put no more than $250,000 at the same bank.
Next, we will discuss how safe for your money at a Brokerage House.