I just opened an online account with a large national bank. When I opened the account, I had no idea that they were having problems that might cause them to go under. Do I have any sort of protection with the money that I just transferred into the account, or should I open a new account and move all of the funds into that?
If the bank is FDIC insured, your deposits are protected up to $100,000, and in some cases (retirement accounts), more. The FDIC has an Electronic Deposits Insurance Estimator that will allow you to enter account balances and types to see what your level of insurance is. Because one person can have different account types insured separately, it is very easy to have more than $100,000 of coverage.
Another thing to consider is that very often, but not always, when a bank closes, another stronger bank, buys their assets. That is similar to when two banks merge. You may get a new deposit agreement and even a new account number, but your deposits are safe and accessible.
There is also a lot of media-hype about banks going under. That doesn't happen very often in today's environment. There are some banks with problems. The FDIC does make bank's financial statements available to the public. If you want, have your CPA review your bank's statement from the FDIC site and determine their health. You're always free to find a new bank. The U.S. banking system is very sound and secure, so long as your deposit limits are held to FDIC insurance levels, you wouldn't lose a dime.
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