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You’ve probably heard that Congress increased the limit of FDIC insurance from $100,000 to $250,000 back in the second half of 2008, when it seemed the sky would fall any day. But did you know that increased coverage expires on 1/1/2010? I didn’t either. I saw a sign in my local bank stating the increase in [...] WaMu: Just 1 of 16 failed banks this year. According to the FDIC list of bank failures, there have been just 16 for 2008 (as of October 24th). Here’s the list for 2008: Alpha Bank & Trust, Alpharetta, GA October 24, 2008 FDIC Insurance may keep your deposit safe in bank failures. You may know that deposits up to $100,000 were insured against loss by the FDIC in case of bank failure, and that Congress has upped that coverage to $250,000. Here’s a release from the FDIC detailing the increase (pdf). But what if your bank has failed [...] True or False: Federal Deposit Insurance Corp. is only obligated to pay off 7% of the value of my deposits and that it has 99 years to pay off the balance. I stumbled onto this recently and it caught my attention. There’s a great deal of misinformation and confusion about FDIC insurance coverage and limitations. And, of [...] |
 
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