Banking 101

Wednesday, July 16th 2008, 9:15 pm
By: News 9

If you're like me you don't know a whole lot about the banking industry.

I know that my paycheck goes into my personal checking account and from that many, many bills are paid each month.  When I swipe my ATM card, my bank account gets smaller and smaller.

That's about it.  I assume everything else takes care of itself, but a frightening financial situation across the country has me - and many others - thinking twice about our money and finances that we trust banks to handle.

My story today focused on this issue.

I did know there was some protection to my money by the feds (courtesy of the FDIC), but I didn't know it only protects up to $100,000.    If, by some miracle of God, I ever manage to have that much in my account at one time, I'll take the advice I heard today and divide that amount up into separate accounts to ensure that all my money is protected by Uncle Sam.

I also learned today there's not a whole lot to worry about here in the Sooner State.  We have a very strong economy that continues to boom with thriving businesses.  Big business equals strong banks, so in summary - our banks here in Oklahoma are doing a-okay.

Does that mean we should sit back, light a cigar, sip on an expensive bottle of wine and let the rest of the country deal with its own problems?  Of course not.  In my research today read that quite a few experts believe things are going to get worse before it gets better.  Soooo.. while things are just peachy here in Okie-land, we shouldn't let our guards down.

My advice:  it's just like walking in a dark parking lot after hours.  Be aware of your surroundings.  Keep a close eye on the TV and the newspapers and watch what's happening in the world of business and banking.   There are over 100 banks that are on the fed's "watch list" of banks that could fail, but that list isn't made available to the public and chances are yours, or mine, could very well be on that list.


Rusty Surette