It's become a sad ritual.  Every Friday, the FDIC (Federal Deposit Insurance Corporation) swoops in to shut down another round of failed banks.

This weekend was no exception, with 5 more banks seized.  One of them,

So far this year, a whopping 130 banks have failed (compared to just 25 in all of 2008).  Unfortunately, we don't think bank failures will end in 2010.  There are 416 banks on the FDIC's watch list--a sign of trouble to come.

That's why we want you to take a moment to be sure your money is safe as we head into the new year.

Make sure your bank accounts are under the FDIC limits.  Staying under the FDIC insurance limits at least means you won't lose money if your bank goes under.

The FDIC covers cash and cash equivalents up to $250,000 per qualifying account -- accounts like your CDs, money market accounts, and checking and savings accounts. Each name on the qualifying account is covered up to $250,000, so you can have multiple protected accounts at the same bank.

For example: An account in your name is covered up to $250,000, and an account in your husband's name is also covered up to $250,000. If you had a joint account with each of you contributing $250,000, the FDIC would cover $500,000 for that account.

Also keep in mind what the FDIC does NOT cover--such as items in your a safety deposit box for example.

If you are worried that your bank might not be safe, be on the lookout for these warning signs your bank may be in trouble and consider checking your bank's safety rating.  This simple step can give you invaluable peace of mind in the new year.  Please don't delay!

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