Recap: How Safe Is Your Savings? Read This!

This is a concurrent post with my political blog: leftwingnuts.blogspot.com.

Last week I posted an entry about how the FDIC, which insures our bank accounts, asked for an emergency premium payment from banks nationwide, which would generate $27 billion. That, plus heavy complaints about the new fee structure imposed by the agency, has sparked new fears for depositors and banks alike.

Here is the link to an article from today: http://www.nypost.com/seven/03052009/business/bair_stirs_fears_about_deposit_fund_158078.htm

FDIC Chairwoman Sheila Bair said in the article that without the new fees, the fund could dry up this year. Another source I heard said it could be as soon as six months.

So I ask again... how safe are your bank accounts? Perhaps a better question is: where is the safest place for your savings? Paraphrasing a well-said comment from the previous post by one of my blog followers: "Under the mattress, next to the gun."