The FDIC Insurance Has Been Updated
The FDIC Insurance has been updated.
Understandably there have been a great number of requests for its clarification. Frankly, the rewritten rules are really long and may be difficult to decifer. So, I’ve sourced some updates but find what better place than to use a Private Bank called The Private Bank’s own publication. See it below.
Important Update On FDIC Insurance:
[[The PrivateBank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. Effective May 20, 2009, President Obama signed legislation that extended the time period for this increased insurance coverage. The “Helping Families Save Their Homes Act” extends the temporary increase in the standard maximum deposit insurance amount (SMDIA) to $250,000 through December 31, 2013. The recent legislation states that the SMDIA will return to $100,000 on January 1, 2014. This legislation does not extend the December 31, 2009 deadline for unlimited FDIC insurance coverage granted to non-interest bearing account clients. This deadline remains unchanged.]]
Check out the FDIC Insurance site.
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