FDIC Increased Insurance Will Expire January 2010
I thought this was worth mentioning, especially since I missed it in the initial announcement. My apologies for that oversight. The increased FDIC insurance of $250,000 will expire December 31, 2009. Starting January 1, 2010 the insurance will revert back to the $100,000 we are all so familiar with. In case you are not sure of what I speak, FDIC is what insures your deposits from your bank failing. This means if your bank goes bankrupt and you have $250,000 or less in checking and savings acocunts combined you will not lose the money. The good thing worth mentioning is this is a per bank limit allowing you to insure more money by opening accounts at different banks, if you are fortunate enough to have this problem. Please keep in mind though that because this is temporary if your account does exceed $100,000 at any single bank you will no longer be fully insured against losses. To clarify though like myself you may not currently have such concerns I wish everyone great fortune and prosperity so that one day this is something you and I will both have to consider.
~ Matt
Loading ...
