Personal Finance Blog By MoneyRates - FDIC
New FDIC Insurance Law Explained
October 9, 2008
The FDIC website has a detailed description of the new insurance law which was enacted as part of the Economic Stabilization Plan. Listed below is the FDIC's description of the new law:FDIC Deposit Insurance CoverageThe Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of [...]
McCain and Obama Suggest Raising FDIC Insurance Limits
September 30, 2008
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.
National City Corp Next?
September 30, 2008
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
September 25, 2008
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
September 25, 2008
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
September 22, 2008
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
September 16, 2008
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
July 31, 2008
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
July 24, 2008
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 [...]
