Do you need to insure your funds in addition to the fact that they are insured?

[deucher]

Everyone knows that banks are insured, so when they decide to close or due to unforeseen circumstances, it will simply cease to exist and you will receive your funds, however, there are cases when they cannot pay you your funds for certain reasons, so does it make sense to insure your funds separately from the bank and is it at all maybe.

 

[Grant]

It's why I prefer to use a credit union over a traditional bank, because with banks, if they close down, they might not always pay what you had in your account. I heard stories from a long time ago where banks closed and the money was lost. That sort of thing shouldn't happen and I hope it doesn't anymore today.