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 Proposes Capping Bank Rates Offered by Weak Banks

The FDIC has proposed tightening the caps on the rates that can be paid on CDs, money market accounts, savings accounts, and checking accounts for banks that are categorized as “Less Than Well Capitalized”. Instead of using Treasury yields for calculating the ceiling on deposit rates, the FDIC proposes using national rate averages. The intended [...]

Who or What is EDIE?

As the above public service announcement makes perfectly clear EDIE is an online tool developed by the FDIC to assist with questions regarding FDIC insurance on deposit accounts and the myriad of ownership classifications. Depositors can run through an online simulation of their bank deposits and receive a report which details insurance coverage. With the [...]

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 Chairman Sheila Bair on Wall Street Journal Report

National City Corp Next?

It goes without saying that when a bank stock loses over 95% of its share value in just over a year that the bank is facing some trouble. National City Corporation (NCC) is being openly discussed by banking analysts as the next bank with their head on the chopping block. It appears that after the [...]

The FDIC Fights Back Against Bloomberg News Article

An online piece on Bloomberg News from reporter David Evans suggesting that the FDIC may need up to $150 billion to cover bank failures has created a stir to the point that the FDIC has directly responded to the article. In the article Evans suggested that the US taxpayer ultimately could end up paying the [...]

IndyMac Federal Bank Restructuring Loans and Offering High Rates on Deposits

IndyMac Federal Bank is a new bank created when the FDIC closed the old IndyMac Bank. The large bank failure on July 11th, 2008 of IndyMac Bank was one of the first warning signs of the financial chaos to come later in the summer. Now that the federal government is running the bank some progress [...]

New Videos from FDIC

The FDIC has released some new videos about bank deposits and FDIC insurance. The videos feature media star and financial expert Suze Orman along with FDIC Chairman Sheila Bair.

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 [...]

Predictions on Bank Failures

Intrade is a prediction market website where visitors can trade on the likelihood on the outcome of current events in the areas of politics, economics, finance, entertainment, weather, and more. Members buy contracts with real money with a price of 100 indicated the “event” occurred and a price of 0 indicating the event did not [...]

FDIC Update on IndyMac Bank

The blame game is in full force after Friday’s late news that IndyMac Bank was being closed by the FDIC. Bush administration officials have blamed Senator Schumer, Schumer has blamed IndyMac executives, and regulators are blaming the media for misrepresenting the story. Today the FDIC released a statement regarding the media frezy in an effort [...]

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 [...]

Guaranteed Rate Offers from Online Banks

We receive a fair share of comments at The Savings Investor regarding the promotional-rate money market accounts which many banks are offering. These type of accounts, which are typically only available to new banking customers, will guarantee a rate for a pre-set number of days. Everbank and AmTrust Direct are offering these promotional-rate money markets [...]

FDIC Report on Online Banking

Tips for Safe Banking Over the Internet from the FDIC:
As use of the Internet continues to expand, more banks and thrifts are using the Web to offer products and services or otherwise enhance communications with consumers.
The Internet offers the potential for safe, convenient new ways to shop for financial services and conduct banking business, any [...]

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 [...]

Transportation Alliance Bank’s deposit rates

Transportation Alliance Bank (FDIC# 34781) headquartered out of Ogden, Utah has been quietly offering some of the best deposit rates in tehe country over the past year. The bank is a subsidairy of Flying J, Inc,the nation’s leading provider of diesel fuel, and has a stable deposit base of 347 million. Online investors can open [...]