Keep your cash safe

Full Story at money.cnn.com

NEW YORK (CNNMoney.com) — As yet another bank faces collapse, consumers are worried about their cash.

So far this year, 72 banks have failed, according to the Federal Deposit Insurance Corporation. Struggling southern regional bank Colonial Bank could be the 73rd.

But individuals with deposits at Colonial, or any other troubled bank, are insured by the FDIC for up to $250,000. And in the FDIC’s 75-year history, no customer has ever lost an insured deposit.

“When your money is in a bank that is FDIC insured it is backed by the full force of the United States government, and it doesn’t get any better than that,” said Carol Kaplan, a spokeswoman with the American Bankers Association.