The raucous debate in Washington over raising the U.S. debt limit has raised fears about a possible shock to the financial system. That makes it a good time to review your savings accounts and other bank deposits to make sure the cash you have stashed is as protected as possible.
If a U.S. debt default were to occur -- and drag on for many weeks -- the question becomes: Is the government that's backing the insurance on your deposits good for the cash? (The Federal Deposit Insurance Corp. collects fees from banks to insure deposits. But if it runs out of money to pay depositors, it says it's backed by the full faith and credit of the U.S.)