New FDIC Insurance Limits
Are you always thinking about the safety of your money? If so, it is important to realize that there are new FDIC insurance limits that can keep your money safer than ever before. Of course, there are many details that surround these new limits so it is important to know what you are up against. After all, there is nothing worse than thinking that your money is covered just to find out differently.
The first point to keep in mind is that the basic limit of FDIC insurance has been increased from $100,000 to $250,000 for the time being. What does this mean? For example, in the past a checking account was only FDIC insured up to $100k. But now you can keep up to $250k in the same account without having to worry about a thing. As you can imagine this is easing the minds of millions of people across the country.
Are the limits going to change again in the near future? For now, the FDIC insurance limit is set to stay at $250k through the end of 2009. On January 1, 2010 the limit is set to return to its original $100k. So if you are currently holding more than $100k in one account you want to make sure you remember to change this before the end of 2009.
Although there are many changes being made it is important to note that the types of FDIC insured accounts are staying the same. The FDIC insures deposits at insured banks including savings accounts, checking accounts (including many second chance accounts), NOW accounts, CDs, and money market accounts. The FDIC does not insure money invested in life insurance, mutual funds, bonds, stocks, municipal securities, and annuities. This holds true even if these investments are purchased through an FDIC insured bank.
As you can see, the new FDIC limits work in the favor of the consumer. These limits are set for now, but remember that this can change and the current structure is set to revert to its original capacity on January 1, 2010.
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