August 20, 2010
Chicago's Shorebank was closed today by governmental financial regulators. This action, although necessary, makes me very sad.
Shorebank, founded in 1973, was for idealistic folks working in Chicago's financial world, our pride and joy. I worked for a private investor during the 1990's and met some people who were then working at ShoreBank. For many of us it was a dream to work there because of ShoreBank's mission to serve low income communities. There was a branch (closed down now for a few years) about 1 mile from my home which I often pass on the way to the city.
According to AP, Shorebank was the 114th bank to fail in 2010.
Now about the FDIC-Federal Deposit Insurance Corporation. When we deposit money in a U.S. bank it is vital to first check whether the bank is insured by the FDIC. You can look for the FDIC sign in your bank's window. You can also go to the FDIC website
The Frequently Asked Questions section is short and easy to read. On the Home Page is a link "Is My Account Fully Insured". You can click on this link and choose from a list of dozens of banks that have failed (listed in alphabetical order).
Hay bastante informacion en la pagina web del FDIC en espanol.
The Chairman of the FDIC, Sheila Bair, wrote an educational, entertaining book for young children, Rock, Brock and the Savings Shock.I will have a chapter in my upcoming financial book about How to Talk to Your Kids about Money.
Respectful Comments and Questions are Welcome
No comments:
Post a Comment