Feeling Added Financial Security Through FDIC Insurance Increase
by Jean on November 4th, 2008
Since the last time I blogged, the ongoing turmoil in financial and economic markets has only increased. These conditions can make people uneasy about the safety of their money. Nobody likes to feel that their money is not safe.
Thankfully, the FDIC recently increased the deposit insurance cap from $100,000 to $250,000 until December 31, 2009. This means that FDIC-member institutions—like ShoreBank —can assure customers that their deposits are insured up to $250,000. Thus, the FDIC guarantees those deposits and would refund consumers the insured amount to customers in case of a bank failure. This insurance brings a peace of mind to folks who are concerned about the safety of their money as the unusual economic conditions continue.
In case you’re not familiar, the Federal Deposit Insurance Corporation (the FDIC) in an independent US government entity that ensures that deposits in banks are insured up to a certain amount per depositor.
The ‘per depositor’ notion sometimes makes the matter feel complicated to some people, but it’s actually pretty simple. FDIC insurance is on a per depositor, per ownership type, per bank basis. “Ownership types” can include checking accounts, NOW accounts, money market deposit accounts, savings accounts, certificates of deposits, cashier’s checks, and interest checks. So if you have $250,001 in all of those products, the FDIC will only insure you for $250,000. The safest choice is to only keep the maximum FDIC covered amount per account type.
The below graph can help clarify the ownership types and FDIC coverage one family can enjoy at a single bank:
You can calculate the amount of your deposit insurance at http://www.fdic.gov/EDIE/.
I know that the credit crunch is a bit scary for the average consumer. That is why ShoreBank is proud to be a member of FDIC and why we feel it is important that you understand how the FDIC protects your deposits at ShoreBank.
Learn more about the FDIC coverage at: http://www.fdic.gov/news/news/press/2008/pr08093.html
Tags: community development, FDIC, financial crisis, green banking, ShoreBank, triple bottom line
[...] Commencement Bay Opinion features the resident information of Tacoma, Washington wrote an interesting post today onHere’s a quick excerpt Since the last time I blogged, the ongoing turmoil in financial and economic markets has only increased. These conditions can make people uneasy about the safety of their money. Nobody likes to feel that their money is not safe. Thankfully, the FDIC recently increased the deposit insurance cap from $100,000 to $250,000 until December 31, 2009. This means that FDIC-member institutions—like ShoreBank —can assure customers that their deposits are insured up to $250,000. Thus, the FDIC guar [...]
[...] More: Feeling Added Financial Security Through FDIC Insurance Increase [...]
I thought you would enjoy this post about some details on the fdic insurance…
http://www.crackinsurance.com/2008/11/04/fdic-insurance-sunset-provision/
Hello, I was looking around for a while searching for identity theft insurance and I happened upon this site and your post regarding Added Financial Security Through FDIC Insurance Increase | ShoreBank Voices, I will definitely this to my identity theft insurance bookmarks!
I am not sure I totally agree with Added Financial Security Through FDIC Insurance Increase | ShoreBank Voices
Added Financial Security Through FDIC Insurance Increase | ShoreBank Voices was interesting. You seem very knowledgeable in safe insurance.
Hi. Great job.
Hello webmaster You did a great job with this blog. I loved Added Financial Security Through FDIC Insurance Increase | ShoreBank Voices
Added Financial Security Through FDIC Insurance Increase | ShoreBank Voices made some good points. I did a search on financial insurance and found most people agree with your blog.
Hello, I was looking around for a while searching for financial security and I happened upon this site and your post regarding Added Financial Security Through FDIC Insurance Increase | ShoreBank Voices, I will definitely this to my financial security bookmarks!
Insured…
How can you be so sure about Feeling Added Financial Security Through FDIC Insurance … ? Although most of the information provided is true as per my knowledge but I don’t agree fully. I think it should be more practical. I visited your website while…