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FDIC:  Is Your Savings Account Secure?

With the current financial crisis affecting banks and the stock market, in addition to reports that many more banks may be in financial trouble, the question many of you may ask is:  What about my savings account?  Is it secure?

In answer to your question, we have to look to the Federal Deposit Insurance Corporation (FDIC) for answers.

What money is insured?  According to the FDIC, the following accounts are secured “up to the legal limit of $100,000, and possibly more for special accounts.”  The insured accounts include:  checking, savings, trust, certificates of deposit, and IRA retirement accounts.

What isn’t insured?  The FDIC states that “institutions who offer consumers a broad array of investment products that are not deposits, such as mutual funds, annuities, life insurance policies, and stocks and bonds are non-deposit investment products and are not insured by the FDIC.”

To determine the amount your bank is insured for, it may be a good idea to contact them and ask about your accounts.

The FDIC also advises that “You can - and should - obtain definitive information about any mutual fund before investing in it by reading a prospectus, which is available at the bank or brokerage where you plan to do business.  The key point to remember when you contemplate purchasing mutual funds, stocks, bonds or other investment products, whether at a bank or elsewhere are that:  Funds so invested are not deposits, and therefore are not insured by the FDIC - or any other agency of the federal government.”

In addition, if you own securities or mutual funds, FDIC states that they “are held for your account by a broker or a bank’s brokerage subsidiary and are not insured against loss in value.  The value of your investments can go up or down depending on the demand for them in the market.  The Securities Investors Protection Corporation (SIPC), a non-government entity, replaces missing stocks and other securities in customer accounts held by its members up to $500,000, including up to $100,000 in cash, if a member brokerage or bank brokerage subsidiary fails.”

This is critical information considering the recent bail-out of AIG and other well-known banks in recent days.

In these troubling economic times, the more you know about your bank and its affiliation with FDIC, the more prepared you will be for any eventuality.

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Anyone who is with you should immediately summon emergency aid, but don’t waste a second shifting the patient or calling for help yourself. Your one aim is to get air into his body as fast as possible, and you have three priorities: make sure his air passages are clear; breathe air into his lungs; and stimulate his heart if it has stopped beating. In a baby or small child who has been choking or gasping for breath before becoming unconscious, the air passage is probably blocked by some object stuck in his throat, so immediately hold the child up by the heels, or over your lap with his head down, and slap his back sharply several times. This alone will probably be enough to dislodge the object and enable breathing to start again. In an adult, clear the air passage by bending the patient’s head back as far as it will go, pressing firmly on the forehead or pulling on his hair. At the same time, push the lower jaw upward and forward until the teeth meet. (Don’t be afraid to pull the head really well back—it is surprising just how far back the neck can stretch). In this position, the tongue cannot fall back and block the back of the throat and that may be the only reason why an unconscious person cannot breathe. He may now gasp and start breathing. If not, quickly check the inside of his mouth for any other obstructions—false or broken teeth, blood, vomit, or mucus—that may be blocking the air passage. If this happens, reach into his mouth with your fingers and scoop out the contents fast. If he still doesn’t start to breathe, you must start mouth-to-mouth resuscitation immediately.

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Does this have the same dangerous effect on the body?
True shock is always caused by a serious shortage of blood supply to the brain, usually due to the kind of emergencies . However, severe fright, extreme pain, a horrifying sight, or other violent emotional experience can cause a kind of shock. Known as nerve shock, this usually causes fainting, due to an impairment of the nervous system, but it may result in many of the symptoms of shock already described. In nerve shock, blood tends to pool in the blood vessels, so that there is less blood available for general circulation. The big difference between this kind of emotional shock and serious physical shock, however, is that nerve shock can almost always be quickly and simply relieved by treating the patient for fainting. In this case, too, it will do no harm to give the patient a warm, sweetened drink—but not alcohol—once he is conscious and has started to recover. However, it is vital to remember that these measures apply only where the cause of shock is purely emotional, and can be dangerously time-wasting if the patient is suffering from true shock following some medical emergency.

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No. On the contrary, such drinks may be positively harmful. The heat from a warm drink, just like that of a hot-water bottle, will tend to divert much-needed blood away from the brain to other parts of the body. Alcohol, too, causes the blood vessels in the skin to open up and carry more blood to the skin (that is what produces the familiar feeling of warmth we experience after a drink). Unconscious casualties could choke to death if forced to drink. Those with chest, abdominal, or internal injuries could be further injured. And many casualties will need an anesthetic after arrival in hospital, for which it is necessary to have an empty stomach. Even burn victims, who need fluids, should be given only cool water drinks.

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Stop any bleeding by direct pressure and call urgently for medical help. Remember, shock is caused by a shortage of blood to the brain, and without blood the brain cannot function for long. Treatment must therefore be directed toward restoring the blood supply to the brain as quickly as possible. In the case of heavy bleeding or loss of body fluid, medical treatment will probably involve a transfusion to replace the blood or fluid lost. That is why it is vital to get the patient to hospital as fast as possible even when bleeding has been stemmed.

While waiting for an ambulance to arrive, keep the patient quiet, comfortable, and reassured. Above all, keep his head low, so that blood can reach the brain more easily. If possible, arrange the patient so that he is lying down with his legs raised (on pillows, cushions, or folded coats) and his head turned to one side in case he vomits. If he is unconscious, use the coma position. Loosen any tight clothing and cover him with a blanket or coat. Keep the room warm, but do not overheat the patient or use a hot water bottle to warm him. The heat from this will divert blood away from the brain, where it is vitally needed, to the skin, where it is not. Give nothing to eat or drink, except to a conscious burned casualty.

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Shock is a dangerous state of collapse, which, if not controlled, can be fatal.

What causes shock?

Shock occurs when the supply of blood to the brain is reduced to such an extent that the brain cannot operate efficiently, and the vital body functions that it controls are disrupted. Shock may therefore arise in any condition that upsets the circulation of the blood, such as heavy loss of blood or body fluids (as in serious injuries, large fractures, and burns); internal bleeding from a burst appendix or perforated ulcer; heart attack, or stroke. If the blood supply to the brain is cut off entirely, the brain cannot survive for long, and the person may easily die.

How can I tell if someone is suffering from shock?

When a person goes into shock, he may feel giddy and nauseous, grow extremely pale, and perspire profusely. His skin may be cold and clammy, his vision blurred, and his breathing rapid but shallow. He may complain of thirst, become restless and anxious, and possibly lose consciousness. However, the vital thing to remember is that shock is likely to occur in any serious medical emergency and should be treated urgently without waiting for specific symptoms to appear.

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Copyright © 2008 Daniel Lamaute

The credit crunch coupled with a recession means that access to capital has become scarce for most businesses and individuals alike. The crashing home prices have wiped away the ability of most individuals and small business owners to obtain cash from home equity withdrawals or in refinancing their house.

Credit cards are convenient but have never made sense for long term borrowing. Most of them have fees and interest rates that can strangle or trap the user in perpetual debt. An added consideration is that the bankruptcy rules have credit card debts next to impossible for one to shake off and start afresh.

It is a truism that the worst time to look for a loan is when you need one. So how does one find cash in a crunch? The most sensible way of course is to over time build a store of emergency cash fund by spending less than your income. For those who have not accumulated a stash of cash, an alternative might be to look at your other assets such as an IRA or 401(k).

Read more »

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