Following the recent collapse of Silicon Valley Bank and Signature Bank, many Americans have expressed concerns about the safety of the nation’s banking system. However, financial advisor Donna Sowa Allard assures 12 News viewers that there is no need to panic as the Federal Deposit Insurance Corporation (FDIC) insures up to $250,000 in deposits per person and $500,000 for married couples. Sowa Allard suggests that those who are still worried about their money should consider the bank they are with and spread their deposits between multiple institutions. She recommends utilizing both savings and checking accounts that are FDIC-insured and smaller banks that offer additional protection. For business owners with more than the insured amount, there are smaller banks that can offer secondary insurance above FDIC insurance. Despite the current situation, Sowa Allard remains personally unconcerned but encourages viewers to be vigilant. The Federal Reserve is set to meet to determine whether interest rates will rise.

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