Bank Failures and Insurance Limits

Bank Failures and Insurance Limits

Welcome to the Wine and Dime podcast, where financial topics are uncorked and discussed like a fine bottle of wine.

In today's episode, Amy talks about the recent bank failures and the insurance limits that protect your funds. Before diving into the topic, Amy mentions her wine recommendation for the day - a 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas. Moving on to the topic, Amy explains the different types of insurances available, such as FDIC and NCUA, and the limits for each. She also highlights the differences between the types of accounts that are covered and not covered. Investments made in stocks, bonds, mutual funds, crypto assets, and annuities are not covered under FDIC insurance. Amy provides a useful link to help listeners check if their funds exceed the FDIC limits.

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What you'll learn:

  • Recent bank failures have caused concerns about the safety of deposited funds

  • Different types of insurance available: SIPC, FDIC and NCUA

  • FDIC insurance covers checking accounts, savings accounts, CDs, money market deposit accounts, and other official checks issued by a bank

  • FDIC insurance does not cover stock investments, bond investments, mutual funds, any kind of crypto assets, life insurance policies, annuities, any kind of municipal securities, safe deposit boxes or their contents, and then U.S. Treasury bills or bonds or notes

  • The standard insurance amount is $250,000 per depositor

Wine Recommended: 2019 Bourbon Barrel Cab from Berklee Winery

The 2019 Bourbon Barrel Cab from Berklee Winery in Lubbock, Texas is a wine that is sure to please any wine enthusiast. This wine is a Cabernet Sauvignon that has been aged in bourbon barrels, giving it a unique flavor profile that is sure to impress.

The wine is dark and rich, with aromas of blackberry, black cherry, vanilla, and oak. On the palate, the wine is full-bodied with flavors of dark fruit, vanilla, and a hint of caramel. The bourbon barrel aging adds a subtle smokiness and complexity to the wine, making it a great pairing for rich, hearty dishes like grilled steak or roasted lamb.

Berklee Winery is located in Lubbock, Texas, which is known for its hot and dry climate. Despite this challenging environment, Berklee Winery has managed to produce some exceptional wines using sustainable farming practices and a commitment to quality.

Overall, the 2019 Bourbon Barrel Cab from Berklee Winery is a fantastic choice for anyone looking to try something new and exciting in the world of wine. Whether you're a seasoned wine drinker or a beginner, this wine is sure to impress with its unique flavor profile and exceptional quality.

Helpful Links:

This episode is brought to you by Rooted Planning Group. Rooted Planning Group is a fee-only financial planning firm that specializes in working with women in their 30s and 40s who want to take control of their finances and plan for the future. Whether you're just starting out or you're looking to make a big change, Rooted Planning Group can help.

Visit www.rootedpg.com to learn more.

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