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It is only for a time-limited period, and it was done to reassure individual depositors that their funds were safe and they didn't need to withdraw all their money in a panic on the fear that their bank would fail, thereby actually causing it to fail.
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Is Flagstar bank FDIC insured?
Flagstar bank is a member of the FDIC and deposits are FDIC insured up to $250000 per account.
What is the 250000 figure that Obama speaks of?
It's the new savings amount that is insured by the FDIC. This was changed in the bailout bill. http://en.wikipedia.org/wiki/Federal_Deposit_Insurance_Corporation
What is the fdic insured amt after Dec 2009?
The FDIC extended the $250,000 limit to December 31, 2013. After that date, it will go back to the original $100,000.
When did the fdic start insuring the 100000 limit?
http://www.cbbwi.com/fdic.htm1980: Deposit insurance increased to $100,000.00; FDIC insurance fund is $11 billion.
Has the FDIC limit of 250 G's been extended beyond 2009?
yes.
What assets does FDIC insure?
The FDIC insures traditional types of bank accounts including: checking, savings, certificates of deposit (CDs), and money market deposit accounts. These types of accounts generally are insured by the FDIC up to the legal limit of $250,000.
How long does the 250000 FDIC insurance last?
May 26th, 2009 = FDIC Insurance Limit of $250,000 Extended Until 2013 = Even as the FDIC oversaw the closures of two more banks last Friday (the 35th and 36th for this year), it also made a special announcement a few days ago regarding consumers' insurance coverage. The actual text from the FDIC website reads: "May 20, 2009 Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)" It can be recalled that the rise in insurance coverage from $100,000 to $250,000 was made effective last October 3, 2008 in light of the successive bank closures that hit the country last year. While the new insurance cap of $250,000 per deposit account is supposed to expire come December 31, 2009, this notice effectively extends the raised limit for another four years. http://www.mybanktracker.com/bank-news/2009/05/26/fdic-insurance-limit-of-250000-extended-until-2013/#more-1812#ixzz0JToU7N1M&D
Can more beneficiaries increase your fdic insurance?
FDIC insurance is the insurance that covers your money in a bank up to a specific amount for all of your accounts. It has nothing to do with beneficiaries.
What is the limit for fdic insured certificates of deposit in Omaha, NE?
the insurance has been increased to $250,000 till December
Form of sbi credit card limit increase?
For spending increase my credit limit
What happens to money over FDIC insured amount?
"Poof". If your bank fails, any loss you incur beyond the FDIC limit is not recoverable except as a creditor in the Bankruptcy process...but good luck with getting anything out of that.
What FDIC stands for?
FDIC is the acronym for the Federal Deposit Insurance Corporation. It is not an insurer in the cistomary sense of the word. It is a government construct that serves to reimburse depositors for money, up to a dollar limit, upon the insolvency of a bank.
