My brother is a banker with Wachovia and they have just posted a large loss. So far today I have heard from one friend and one relative wanting to know "when" the bank was going "under" and if they were going to lose their money.

Wanted to share the FDIC insurance regulations with everyone.
What is the purpose of FDIC deposit insurance?
The FDIC protects depositors' funds in the unlikely event of the financial failure of their bank or savings institution. FDIC deposit insurance covers the balance of each depositor's account, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest through the date of the insured bank's closing.

What is the FDIC insurance amount?
The basic insurance amount is $100,000 per depositor, per insured bank. This includes principal and accrued interest up to a total of $100,000. The $100,000 amount applies to all depositors of an insured bank except for owners of certain retirement accounts, which are insured up to $250,000 per owner, per insured bank.

Deposits in separate branches of an insured bank are not separately insured. Deposits in one insured bank are insured separately from deposits in another insured bank.

Deposits maintained in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $100,000 at one insured bank and still be fully insured. For more information on deposit insurance coverage, see the FDIC’s brochure “Your Insured Deposits” which can be accessed at

FWIW, if Wachovia were in trouble, with the little I know about economics, they would be selling shares of stock to raise capital and they are NOT.Wachovia recoups as CEO says firm won't sell stock