Be Well: Keeping an Eye on Your Own Finances Amid Bank Collapses
With Americans watching multiple banks collapse this year, there are growing concerns about their own accounts and whether or not they can trust financial institutions. Marty Cantor, CPA and economic development consultant, joined Cheddar News to break down why some banks are struggling and what certain income earners should considering doing with their own finances. "If you have less than $250,000 in your own name in any bank, or $500,000, if you have joint tendency, you're going to be ok because the FDIC will protect it. The credit unions have a national association of credit unions that provide the same coverage. But if you're over $250,000, an individual depositor, you ought to take a hard look and maybe move some money to another bank," he said.
Dryden Pence, chief investment officer with Pence Capital, joined Cheddar News to discuss Tuesday's market session and touched on what the Federal Reserve may decide on at its next meeting as inflation continues to play a role and consumer spending remains firm.
Stellantis is telling owners of nearly 220,000 Jeep Cherokee SUVs worldwide to park them outdoors and away from other vehicles because the power liftgates can catch fire even when the engines are off.
After years of explosive growth during the pandemic, Home Depot’s revenue during the first quarter fell short of expectations and the company cut its profit and sales outlook for the year
The head of the artificial intelligence company that makes ChatGPT told Congress on Tuesday that government intervention "will be critical to mitigate the risks of increasingly powerful” AI systems.
Top executives at Silicon Valley Bank and Signature Bank largely avoided taking responsibility for their banks’ dramatic failures at a Senate hearing Tuesday.
The head of the artificial intelligence company that makes ChatGPT will testify before Congress as lawmakers call for new rules to guide the rapid development of AI technology.
