With how quickly the rules are changing, it’s tough to stay current with it all. The Federal Deposit Insurance Corporation (FDIC) guidelines have been adjusted, but just for a short period of time.
Prior to October 3 of this year, the FDIC insured your deposits up to $100,000 per bank – my interpretation. The FDIC explains it this way, “…you may qualify for more than $100,000 in coverage at each insured bank if you own deposit accounts in different “ownership categories.”
From now until December 31, 2009 up to $250,000 will be insured per bank. If you open a two-year CD for $250,000, 150k of it will not be insured throughout your deposit term.
So before you make that deposit, understand the new rules by reading the FDIC’s Top Ten Misconceptions.
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All the best,