Will Your Savings Be Safe in 2014?

Before the financial crisis blew up two years ago and bank failures became a routine news item, you might not have thought much about FDIC insurance.
So it’s easy to understand how thousands of IndyMac Bank customers were caught underinsured when the bank failed in July 2008. At that time, the FDIC insurance limit was $100,000 [...]

Bank Bailouts 2009: Check Your Bank’s Rates and Fees

The U.S. Senate behind Banking Committee Chairman Christopher Dodd is proposing that the FDIC be allowed to borrow as much as $500 billion from the Treasury Department. The proposal came after FDIC Chairman Sheila Bair publicly stated last week that the insurance fund was underfunded to meet potential bank failures in the future.  Americans are already [...]

The FDIC Closes Four New Banks

Since last summer’s high-profile bank failures of multi-billion dollar, IndyMac Bank and Washington Mutual Bank, most of the banks which have closed have been smaller in size and generally banks serving local markets. The FDIC has closed four more smaller-sized banks last week as the pace of bank failures in the United States has begun to [...]

FDIC Announces Unlimited Insurance Coverage on Non-Interest Bearing Accounts

It would not be a typical fall day without a major financial announcement from Washington D.C. Today’s new program is the FDIC announcement that all non-interest bearing accounts will be insured fully for participating instituions. This is a measure aimed at business payroll processing accounts and will stay in place until the end of 2009. [...]

FDIC May Need to Tap Treasury for Bank Failures

The FDIC insurance fund, strained by eleven bank failures this year already, is at its lowest level in over five years. Although FDIC Chairman Sheila Bair has been quick to point out that over 98% of the nation’s banks are categorized as adequately capitalized by regulators, the failure of a major bank could force the [...]

FDIC Creates New Online Tool for Customers of Failed Banks

The FDIC has reacted to the increased pace of bank failures this summer by creating a tool which allows customers of a failed bank to determine their insurance status within one business day of the bank closure.

From the FDIC website:

“This tool allows failed bank customers the ability to verify whether their account is fully insured [...]

Useful Resource from the FDIC: Bank Insurance Calculator

On May 9, 2008, ANB Financial, NA, Bentonville, Arkansas was closed by the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC) was named Receiver. All insured deposit accounts have been transferred to Pulaski Bank and Trust Company, Little Rock, Arkansas and will be available immediately. In nearly every [...]

Second FDIC Bank Failure of 2008

No real reason for alarm but three weeks into 2008 and we already have two FDIC-insured banks which have failed and been placed in receivership by the FDIC. Douglass National Bank joins Miami Valley Bank as the two bank casualties. The last few years have been very quiet for the FDIC as shown below:
2004 FDIC [...]

FDIC Insurance on Trust Accounts

A common question recently addressed to The Savings Investor concerns maintaining over $100,000 insurance at any one bank. While there have only been a handful of bank failures since 2002, the ongoing mortgage lending industry debacle has made this an important consideration. The easy answer is never maintain more than a penny over $100,000 [...]