Banking

  • Congress has extended the FDIC deposit insurance of $250,000 per depositor on individual accounts through December 31, 2013.  (The insurance limit was scheduled to revert back to $100,000 per depositor on January 1, 2011.)  The FDIC insures deposits only. It does not insure securities, mutual funds or similar types of investments that banks and other institutions may offer.
  • Not all banks and credit unions have insurance for your deposits.  The FDIC (Federal Deposit Insurance Corporation) insures deposits at the nation’s nearly 8,000 banks and savings associations; however, the FDIC is an independent agency of the federal government, so the FDIC receives no federal tax dollars; instead, insured financial institutions fund its operations.
  • Look for the FDIC and NCUA insurance signs in your bank or credit union.  For more information, visit http://www.fdic.gov, or call toll-free 1-877-275-3342.  For credit unions, visit http://ncua.gov.  
  • Ask your banker about the FDIC’s recent negative balance and Congress’s guarantee which is not legally binding.  Google “Bankrupt FDIC” and be aware of that risk.
  • Trust Accounts.  Insurance coverage for both FDIC (Federal Deposit Insurance Corporation) and NCUA (National Credit Union Administration) is very complicated for trust accounts—read about the many exceptions for insured beneficiaries in trust accounts.  

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