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 [...]

The FDIC Explains New Insurance Coverage Laws

The new deposit insurance laws have benefited consumers with higher insurance limits, but the increased deposit limits are only temporary until December 2009. The FDIC has issued their new issue of their Consumer News which details tips, rules, and information regarding deposit insurance. Listed below is the latest clarifications from the FDIC:Basic FDIC Insurance Coverage [...]

Highest Rates on Bank Savings Accounts Unchanged After Fed Rate Cut

The Federal Reserve lowered short-term interest rates a half-point this week in a move that typically precipitates a corresponding lowering by banks of their own savings rates. But, as of today the list of the nation’s best savings rates is largely unchanged with a few banks even raising rates late in the week. Banks offering [...]

McCain and Obama Suggest Raising FDIC Insurance Limits

The presidential candidates agree on at least one issue with both McCain and Obama strategists promoting an increase in the FDIC insurance deposit limit as part of their candidates financial reform platform. Both candidates agree that the insurance limit should be increased from $100,000 to $250,000.

The last time the insurance limit was increased was 1980.

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.

Irwin Union Bank to Offer up to $50 Million in FDIC Coverage

Depositors with more than $100,000 no longer have to maintain relationships with multiple banks to enjoy the full protection of Federal deposit insurance.
With a new service, the Certificate of Deposit Account Registry Service(R) or CDARS(R), Irwin Union Bank can provide clients with as much as $50 million in Federal deposit insurance. CDARS can serve as [...]

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 [...]