Is your money save?
By admin on February 7th, 2009
The subprime mortgage hit banks around the nation. Their stocks has plummeted last year, and nobody knows when it will stop. Business are currently very bad for them. It’s not a surprise to see loss from them. Analysts are predicting that up to 300 banks could fail. Many people now wondering if their money is safe in the bank.
During the crisis Federal Deposit Insurance Corporation (FDIC) made some changes about the deposit insurance coverage. FDIC is a federal government run entity that provides deposit insurance protection for participating member banks. The FDIC system was set up to bring consumer confidence in US banking system during financial turmoil.
Deposits at FDIC-insured institutions are insured up to at least $250,000 per depositor until December 31, 2009. On January 1, 2010, FDIC deposit insurance for all deposit accounts—except for certain retirement accounts—will return to at least $100,000 per depositor. Insurance coverage for certain retirement accounts, which include all IRA deposit accounts, was increased permanently to $250,000 per depositor in 2006.
The FDIC protection covers a variety of bank deposits: checking accounts, savings accounts, money market accounts, certificate of deposits (CD’s). However, does not cover non bank deposit type accounts and assets like - stocks, bonds, and mutual fund investments.
So if you have more than $250,000 what will you do?
forexwatch
Thanks for sharing.
cuRRRency
for those looking for a broker: regulation is the thing to look for, I mean it. Your money can never be to safe. For instance, I trade with ACM currently maintains over 600 partnerships with different companies, including White Labels with major banks.
Make sure the broker you choose is regulated, and is never too much to contact the regulation entity to make sure, in fact that they are regulated…