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jlsteelmancpa@gmail.com

June 18th

Hi TLucas. I’m believe that the Exit Service is referring to FDIC (Federal Deposit Insurance Corporation) accounts. The FDIC insures $250,000 per depositor, per insured bank. This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met. Bank accounts covered by this insurance include checking and savings accounts, as well as CD and Money Market accounts, while stocks, bonds, mutual funds, annuities and life insurance policies are specifically excluded. There are benefits and drawbacks to these accounts. The main benefit is that your money is as secure as the government – you will not lose principle. The main drawback is that these accounts do not return high yields, and may not keep pace with inflation. As we would expect, the Bible gives advice on how to invest among different options, “Give a portion to seven, or even to eight, for you know not what disaster may happen on earth.” - Ecc 11:2 ESV. I hope this helps.
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