The Push to Raise the Limits of FDIC

The push is on by the Bush Administration to raise the FDIC insurance on deposits to $250,000. For more information on what the FDIC currently covers see our recent articles on the FDIC.The FDIC insures close to $4.5 trillion in deposits and has about $45 billion in the actual fund. When the new bill passes [...]

8 Types of Deposits Covered By FDIC Insurance in Banks - Part 3

Employee Benefit Plan Accounts
Employee benefit plan accounts are deposits of a pension plan, profit-sharing plan or other employee benefit plan.
Employee benefit plan deposits are insured up to $100,000 for each participant’s non-contingent interest in the plan.
This coverage is known as “pass-through” insurance because the insurance coverage passes through the plan administrator to each participant’s interest [...]

8 Types of Deposits Covered By FDIC Insurance in Banks - Part 2

Revocable Trust Accounts
A revocable trust account is a deposit owned by one or more people that indicates an intention that the deposits will belong to one or more named beneficiaries upon the death of the owner(s). A revocable trust account can be revoked (or terminated) at the discretion of the owner. In this section, the [...]

8 Types of Deposits Covered By FDIC Insurance in Banks

Single Accounts
A single account is a deposit owned by one person. The following deposit account types are included in this ownership category: Accounts held in one person’s name alone
Accounts established for one person by an agent, nominee, guardian, custodian, or conservator, including Uniform Transfers to Minors Act accounts, escrow accounts, and brokered deposit accounts
Accounts held [...]

What Does FDIC Deposit Insurance Cover?

We all remember the “run” on the savings and loan in the movie “It’s a Wonderful Life“.  This is basically what happened that forced the Feds to take over WAMU. 
Washington Mutual, which was bought by JP Morgan after being grabbed by the US authorities late yesterday, was a major player in the controversial “option ARM” [...]

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