Follow section front redirects in Spectrum

Enable NLP source in PCS for load testing

Switch off the News Alerts Survey Widget when we have enough responses

Poll to determine if new LUF updates are available

Allows the winning A/B test variant to be turned on without Spectrum deployment

Show infinite scrolling sections in Assembler MultiView

Show option for NLP article summaries in Action Bar

A general feature flag for Recipe Features that aren't yet released

Feature flag for media team features that aren't yet released

Use new Orca video player for preroll plugin in Spectrum

Show the snow tracker (instead of the heat tracker) on Spectrum

Apple banned this app for years. It’s now America’s No. 1 iPhone app. 

A TikTok ban could also end short-form video as we’ve come to know it

An AI blood test purports to diagnose postpartum depression

The Rick Steves guide to life

The sad, stale state of in-flight vegetarian meals

How to train for a marathon on vacation

Trump and allies say Biden pays rent for ‘illegals’ in Michigan. Not true.

Eighty percent of Ukraine-Israel bill will be spent in U.S. or by U.S. military

Facts in the Trump courtroom v. ‘facts’ in the court of public opinion

King Charles is back at work after cancer diagnosis. He looks good.

In a ‘meat grinder’ of a war, Russian and Ukrainian casualties rise

Middle East conflict live updates: Netanyahu vows to invade Rafah regardless of cease-fire deal; Blinken in region

Nationals sweep away the Marlins to get back to .500

Blinken calls proposed Israeli cease-fire deal ‘extraordinarily generous’

Jayden Daniels is latest in Washington’s checkered history of first-round QBs

Mike Johnson works to boost House GOP funding as ouster threat looms

Election 2024 latest news: Biden heading to Delaware for campaign event; Trump trial resumes

Bill Barr doesn’t mind a little autocracy if your politics are right

Carolyn Hax: Her family left all the kitchen work to her, so she went on strike

Miss Manners: Some audience members ask rambling questions post-lecture

Ask Amy: Why did my friend lie about seeing my ex-girlfriend?

How to confront antisemitism, deal with protests — and respect free speech

Is student loan debt an emergency? Take our quiz.

Humans might need to re-engineer the climate

Brave Little Hunter is free: Baby orca escapes lagoon for open seas

I learned to heal my sadness by cradling dying chickens 

Soldiers reunite with their pets from overseas: ‘It meant everything to me’

In photos: Flash floods kill over 100 people in Kenya

Americans are sleeping more than ever. See how you compare.

Parenting in Gaza today is so much more than keeping your children alive

Trump trial live updates: Witness testimony continues with Keith Davidson

Trump Hush Money

John Brecher

On one family vacation to the beach, my sister slipped in a few feet of water. She had trouble standing and began screaming for help, fearing she might drown.

The water was literally just above her knees, but she couldn’t regain her balance because, as a non-swimmer, she felt helpless. By the time I reached her, she was hysterical.

She was never at risk of drowning. But it didn’t feel like that to her.

You may identify with her panic right now.

“It’s such a perfect analogy for how people can get really stressed in a situation that they’re just not comfortable in,” said Anthony Saglimbene, chief market strategist for Ameriprise Financial. “And I would say the last year in the <a href="https://www.washingtonpost.com/business/interactive/2022/stock-market-sp500-down-this-year/" target=_blank>market </a>and certainly, what’s happened over the last week with <a href="https://www.washingtonpost.com/business/2023/03/13/bank-failure-size-svb-signature/" target=_blank>some of the banks</a>, it’s an uncomfortable situation.”

How the latest bank failures size up against the nation’s biggest banks

The Federal Reserve has been raising interest rates to beat back inflation. That, in turn, is making your credit card debt more expensive. But if the Fed doesn’t tame inflation, consumer goods and services will stay too expensive.

If you’re invested in the stock market, your retirement savings may have dwindled because of a host of economic and global issues, including a war in Ukraine.

And if that weren’t enough, the recent <a href="https://www.washingtonpost.com/business/2023/03/10/svb-collapse/" target="_blank">failures of California-based Silicon Valley Bank </a>and <a href="https://www.washingtonpost.com/technology/2023/03/13/signature-bank-collapse-crypto/" target="_blank">New York-based Signature Bank</a> have rattled the financial services industry. Then <a href="https://www.washingtonpost.com/business/2023/03/15/svb-banking-credit-suisse-stocks/" target="_blank">Credit Suisse</a> disclosed “material weakness” in its financial reporting, causing its stock to tumble and creating more concern about the banking sector.

You might wonder if there is more to come, especially if you recall the chaos of the savings and loan crisis, the <a href="https://www.washingtonpost.com/business/2023/03/11/silicon-valley-bank-washington-mutual-failure/" target=_blank>demise of Washington Mutual</a> during the Great Recession, or the iconic scene in the Frank Capra classic, “It’s a Wonderful Life,” when desperate folks make a run on the Bailey Bros. Building &amp; Loan.

“Now, just remember that this thing isn’t as black as it appears,” George Bailey says to the bank customers crowded at the counter.

Nonetheless, poor George had to use his honeymoon money to keep the savings and loan open.

It’s not useful to tell folks not to panic when they fear their money is at risk. Much as it was with my sister, it’s hard to stay calm if you’ve lost your financial balance and worry you can’t stand up.

So, I’m going to do what I did for my sister and try to help put things in perspective because if you act on your fears rather than the reality of your situation, you could make things worse. Follow these four rules when financial events are making you panic about your money.

Is your money safe? Here’s what deposit insurance covers.

“The first thing consumers should feel confident in is that money that they have in deposit accounts is safe and protected,” Saglimbene said.

The Federal Deposit Insurance Corporation (FDIC) insures deposit products, including savings and checking accounts, money market deposit accounts, and certificates of deposit.

Please keep this in mind: “In the 90-year history of the FDIC, no one has lost a penny of their insured deposits,” according to FDIC spokesman Brian Sullivan.

In fact, to calm depositors, the FDIC took the extraordinary step to fully protect all Silicon Valley and Signature depositors, even those with uninsured deposits. By the way, “no losses will be borne by the taxpayer,” the FDIC, Federal Reserve, and Treasury Department said in a <a href="https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm" target=_blank>joint statement</a>. Losses to the deposit insurance fund to cover uninsured depositors will be recovered by a special assessment on banks.

The National Credit Union Administration (NCUA) is an independent federal agency that insures deposits at federally insured credit unions. It protects the members who own credit unions and charters and regulates federal credit unions. Like the FDIC, the insurance amount is $250,000 per share owner, per insured credit union, for each account ownership category.

Likewise, no one has lost a penny of insured share deposits within the credit union system. The Share Insurance Fund has the backing of the full faith and credit of the United States, according to an NCUA spokesperson.

“The credit union system remains well-capitalized and on a solid footing,” NCUA chairman Todd M. Harper said in a <a href="https://ncua.gov/newsroom/press-release/2023/statement-ncua-chairman-todd-m-harper" target=_blank>statement.</a>

“When you see the headlines about a bank failing, that really erodes confidence,” Saglimbene said.

However, rather than become anxious and make a rash move, determine how much of your money is covered.

Deposit insurance works by ownership categories, and each is insured separately for up to $250,000. Your funds are covered up to that limit per depositor, per insured financial institution, and per ownership category. The five most common categories include individual, joint, retirement, trust, and business accounts.

Therefore, insurance coverage can increase depending on the account type.

For example, if you have a joint account at a bank or credit union, each joint account holder has coverage up to the $250,000 limit. So a two-person joint account with no beneficiaries would have $500,000 in coverage. An individual could still be insured for more than $250,000 under certain circumstances, according to the FDIC.

Both the FDIC and NCUA have online tools to help you estimate your insurance coverage for personal and business accounts.

The FDIC’s Electronic Deposit Insurance Estimator (EDIE) can be found at <a href="http://edie.fdic.gov/" target=_blank>edie.fdic.gov</a>. You can also call (877) ASK-FDIC or (877) 275-3342. For the hearing impaired, call (800) 877-8339.

The NCUA’s Share Insurance Estimator can be found at <a href="http://mycreditunion.gov/estimator" target=_blank>mycreditunion.gov/estimator</a>. You can also call 1-800-755-1030. “We are currently experiencing a higher-than-normal call volume from consumers inquiring about share insurance coverage,” a spokesperson emailed. “We are responding to calls as quickly as possible.” Consumers also have the option of sending an email to <a href="mailto:dcamail@ncua.gov" target=_blank>dcamail@ncua.gov</a>

You may be concerned about what happens if your institution fails and regulators take over.

When the FDIC is appointed receiver of a failed back — after the bank’s state regulator closes it — it moves in to make certain all banking services continue uninterrupted, the agency said.

In the case of Silicon Valley Bank and Signature Bank, the closures were sudden and didn’t allow enough time to arrange for acquisition by another institution, the FDIC said. So the agency stepped in as receiver to create a “bridge bank” to provide full service to customers and depositors.

Here’s what the FDIC says about direct deposits when a bank closes: “All direct deposits, including Social Security payments, will automatically be redirected to the deposit accounts at the acquiring bank. If there is no acquiring bank, the FDIC typically attempts to find a nearby bank to take over the direct deposit function temporarily, to make Social Security and other government annuity payments available to the customers.”

The <a href="https://www.fdic.gov/consumers/banking/facts/payment.html" target=_blank>FDIC </a>and <a href="https://mycreditunion.gov/about-credit-unions/closing" target=_blank>NCUA</a> websites have FAQ sections that address a lot of questions in the case of an institution closure.

I personally have my money in several different institutions — one large bank and two credit unions.

I use the big bank for my household account. I also like it because when I travel, I have access to a vast network of ATMs and never have to be concerned about added fees to take out my money. Credit unions often have better rates on loan products.

“Obviously, it’s always good to be diversified, even with your bank and cash holding,” Saglimbene said. “I think there’s going to be more thought around the diversification of cash and where you have your banking needs, which I don’t think is bad.”

In a similar way, you want to be sure your investments are diversified, he added.

If you have a well-diversified portfolio of stocks, bonds and cash, then you’re likely able to weather this volatility and benefit when the markets rebound.

In fact, rising interest rates have led to higher rates for deposit accounts.

“If you’re investing in the types of conservative investments that most consumers want in their portfolio, you’re getting paid a lot more in terms of yield today than you were a year ago,” Saglimbene points out. “Now you don’t have to take as much risk in your portfolio to generate a return. I mean, money markets are now yielding over 4 percent.”

“What you need to do during times of stress is to just pull your lens out a little bit and focus less on the near-term and more on the longer term,” Saglimbene said. “If you just take the lens out and you look at what’s the environment likely to be over the next few years, it’s likely to be better than what it is today.”

Inflation eased again in February, though path ahead is muddled

My sister isn’t as afraid of the water as she used to be after taking swimming lessons.

“That analogy kind of brings home the point that investors do need to remain calm even during times of stress,” Saglimbene said. “If you’re following all the right steps. You’ll find that you’re okay. You’re not drowning, and you can stand up.”

Gerald Loeb Award, Commentary, 2021

National Association of Black Journalist Salute to Excellence Award, Commentary, 2021

The Washington Post Eugene Meyer Award, the paper's highest journalistic honor, 2020

Distinguished Achievement Award from the Society for Advancing Business Editing and Writing, the organization’s highest honor, 2019

Hall of Fame for the Society of Professional Journalists Washington, D.C., Pro Chapter, 2019

Fellowship, Wharton School of the University of Pennsylvania, Wharton Seminars for Business Journalist, awarded by National Press Foundation, 2018

Salute to Excellence Award for Community Service, National Association of Black Journalists, 2010

Best in Business, series of columns, Society of American Business Editors, 2008

What To Do With Your Money When Crisis Hits: A Survival Guide

The 21 Day Financial Fast: Your Path to Financial Peace and Fre

Your Money and Your Man: How You and Prince Charming Can Spend Well and Live Rich

Spend Well, Live Rich: How to Get What You Want with the Money You Have

University of Maryland

Johns Hopkins University

If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678). Her award-winning column, “The Color of Money,” is syndicated by The Washington Post News Service and Syndicate and carried in dozens of newspapers.

Michelle Singletary

washpost

4 money rules when financial news makes you nervous

the-washington-post

SVB branch in Menlo Park

For The Washington Post

[Advice] When the news makes you nervous, follow these 4 money rules 

(Washington Post illustration; iStock) 

The Washington Post

name

prism://prism.query/personal-finance/&limit=20

If you have a personal finance question for Washington Post columnist Michelle Singletary, please call 1-855-ASK-POST (1-855-275-7678)

Personal Finance

prism://prism.query/site-articles-only,/business&limit=20

Get a curated selection of 10 of our best stories in your inbox every weekend.

Business

The source for business news and analysis. Covering economic policy, business policy, financial news, economic issues, stock market data, local business, technology and more.

Four money rules when financial news is making you nervous

Bank failures. Higher interest rates. High inflation. All this can make you lose your financial balance. But panicking can make things worse.