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THIEF OF BAGDAD
11-30-2010, 10:20 PM
Changes in FDIC Deposit Insurance Coverage
Beginning December 31, 2010, through December 31, 2012, all noninterest-bearing transaction accounts are fully insured, regardless of the balance of the account

http://www.fdic.gov/deposit/deposits/changes.html

Changes in FDIC Deposit Insurance Coverage

November 9, 2010



On November 9, 2010, the FDIC issued a Final Rule implementing section 343 of the Dodd-Frank Wall Street Reform and Consumer Protection Act that provides for unlimited insurance coverage of noninterest-bearing transaction accounts. Beginning December 31, 2010, through December 31, 2012, all noninterest-bearing transaction accounts are fully insured, regardless of the balance of the account, at all FDIC-insured institutions.

The unlimited insurance coverage is available to all depositors, including consumers, businesses, and government entities. This unlimited insurance coverage is separate from, and in addition to, the insurance coverage provided to a depositorís other deposit accounts held at an FDIC-insured institution.

A noninterest-bearing transaction account is a deposit account where interest is neither accrued nor paid; depositors are permitted to make an unlimited number of transfers and withdrawals; and the bank does not reserve the right to require advance notice of an intended withdrawal.
Please note that Money Market Deposit Accounts (MMDAs) and Negotiable Order of Withdrawal (NOW) accounts are not eligible for this unlimited insurance coverage, regardless of the interest rate, even if no interest is paid on the account.

For more information, visit:


http://www.fdic.gov/news/news/financial/2010/fil10076.html



July 21, 2010On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

Consumers and bankers can find additional information regarding FDICís deposit insurance coverage through the use of the FDICís Electronic Deposit Insurance Estimator (EDIE) and deposit insurance publications located on the FDICís website ďAre My Deposits Insured?Ē In addition, they can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342).

For more information, visit: http://www.fdic.gov/news/news/press/2010/pr10161.html

Roadrunner
11-30-2010, 10:27 PM
Nice find!! Thanks TOB

rugbylaird19
12-10-2010, 11:45 AM
The problem I'm having is that quite a few banks are "opting out" of the TAG account program after Dec. 31, 2010.

JARV
12-10-2010, 12:02 PM
I have a strange question? If a bank goes out of business and it is FDIC insured. Then FDIC pays you the amount like if you had 250,000.00 in the bank. How long does the FDIC have to pay that back to the customer. The other day I was told they have 99 years. I am not saying that is true but I wondered if anyone knows the facts on this or not?

PinBallWizard
12-10-2010, 12:24 PM
How long does the FDIC have to pay that back to the customer. The other day I was told they have 99 years.


Thats just a myth, Most banks have a time frame to pay you back, I dont know the exact time for FDIC But I would assume that they would want you payed and taken care of ASAP.. I just checked the FDIC Web site, And I did not see any specifics, and well that could take hours to find the facts on. As we all know its probably buried under mounds of info.

HotRod
12-10-2010, 02:17 PM
Thanks for the info Thief

JARV
12-10-2010, 02:41 PM
Well I did my own research and found out that is not true! So, we should feel comfortable! Thank you for all your responses. :)

http://consumerist.com/2008/07/if-my-bank-collapses-how-long-before-the-fdic-pays-up.html

BASSER
12-10-2010, 02:46 PM
Anybody know if credit unions operate under the same guidelines/requirements???

Randy_Christine
12-10-2010, 02:56 PM
Basser, it all depends on how the Credit Union is formed. Is it a Federal CU? I know those are set up differently. All I can suggest is that you check it out for yourself. Good Shopping!

W8n2cashin
12-10-2010, 04:29 PM
Ruby, the way I read the FDIC guidelines, the IDI's(banks) cannot opt-out of this program from Dec31,2010 thru Dec31, 2012. check the site for details.

[QUO,TE=rugbylaird19;71076]The problem I'm having is that quite a few banks are "opting out" of the TAG account program after Dec. 31, 2010.[/QUOTE]

Good luck. My $$$ won't need very much time in that category, I have investment plans layed out already.