FDIC's Bair: Most U.S. Banks 'Safe and Sound' - Financials * US * News * Story

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CNBC ON DIGG

FDIC's Bair: Most U.S. Banks 'Safe and Sound'

Topics:Credit | Subprime Lending | Banking

Sectors:Financial Services | Banks

By: CNBC.com | 22 Jul 2008 | 10:26 AM ET

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Most U.S. banks are safe and depositors are not at risk of losing their money even if their institutions do fail, Federal Deposit Insurance Corp Chairman Sheila C. Bair said on CNBC.

"Overwhelmingly banks are safe and sound in this country," Bair said in an interview. "It's a remove chance that your bank would fail, but even if it does if you're insured you're perfectly fine, you're perfectly safe."

Bair advised depositors to keep their accounts below the $100,000 limit that FDIC insurance covers.

"For the majority of depositors, the average depositor, what they should be focused on is to make sure they're below our insured deposit limit and not worry about all the market noise and other information, some it probably inaccurate, about which bank is healthy and which bank is not," she said.

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