It’s not as simple as you might think. Your money is NOT automatically protected.
- your mutual fund company must agree to participate in the U.S. Treasury Temporary Guarantee Program
- Under the program, coverage is provided to shareholders for amounts that they held in participating money market funds as of the close of business on September 19, 2008.
- Here is the announcement I received from my mutual fund company (Fidelity) regarding my money market account and U.S. Treasury Temporary Guarantee Program.
Make sure you read the fine print and understand the details. Contact your mutual fund company if you have questions. It’s your retirement money. Be careful.