FYI FDIC & Congress Make a Good Move

It ain't often nowadays that you see our Government doing anything worthwhile for "the People." No kidding. I have a hard time recalling any good coming from the "People's House" in recent times. But here's a good move for the people that I've been thinking about as a possible catastrophe at years' end. You may remember how the federal deposit insurance coverage was for up to $100,000 before the present financial crisis took hold of our economy. And Congress made a move to change that insurance coverage (FDIC) to $250,000 per depositor through December 2009. Why they put such a timetable on that change was always a curiosity of mine. I suppose they knew it was an error on their part for a one year stint. It was recognized by someone because May 19th Congress extended the temporary $250,000 coverage through December 31, 2013. That means that if you (or your family) have $250,000 or less in all of your deposit accounts at the same insured bank, you don't need to worry about your insurance coverage - your deposits are fully insured through at least 2013. And as always, you may qualify for more than the basic insurance coverage at one insured bank because the FDIC provides separate insurance coverage for deposits held in different "ownership categories" such as single accounts and joint accounts. For more information about your FDIC insurance coverage, start at http://www.myfdicinsurance.gov/ or phone toll-free 1-877-275-3342 (which translates to 1-877-ASK-FDIC. What does all this mean to you? It means you are fully protected if the bank fails. Be sure to look on the bank entry door and service windows for the sign that reads: FDIC Insured. If they are there, rest easy. Thanks for visiting. - Bob "toujours en vedette"