ARE YOUR BANK DEPOSITS SAFE?

Recent bank failures have unnerved savers, but your money is protected up to certain limits. Here's what you need to know.

- SANDRA BLOCK AND ANNE KATES SMITH

UNLESS YOU ARE WELL INTO YOUR nineties or have lived in a country without an established banking system, it’s highly unlikely you’ve ever lost money due to a bank failure. Since the Federal Deposit Insurance Corp. was created in 1933, no bank customer has lost a penny in insured deposits, even during the darkest days of the 2008–09 financial crisis.

But that didn't prevent some savers from breaking into a cold sweat in March when Silicon Valley Bank failed and regulators assumed control. It was the largest bank failure since the financial crisis, and it was followed by a cascade of unnerving banking news, including the collapse of Signature Bank, the shutdown of Silvergate Capital and efforts by some of the country's largest banks to shore up the finances of regional giant First Republic Bank after customers withdrew $70 billion in deposits. But unless you have a large amount of money in the bank, that is probably something you can cross off your worry list.

The FDIC insures traditional bank deposits such as checking and savings accounts, money market deposit accounts, and certificates of deposit for up to $250,000 per depositor, or $500,000 for joint accounts, per bank. The National Credit Union Administration (NCUA)-also a federal agency-provides the same coverage with the same limits for credit unions.