Got more than $100,000 in any one institution? Got more than $250,000 in any IRA? Got ETF's or funds like GLD? You may want to make sure when the institution(s) who hold your money go belly-up, as so many will during this housing/mortgage debacle, that you don't lose it all
Historically, insured funds are available to depositors within just a few days after the closing of an insured bank. Since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.
Basic Insurance Amount Is $100,000. The FDIC insures deposit accounts such as checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs). The basic insurance amount is $100,000 per depositor per insured bank.
The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank.
The FDIC also does not insure U.S. Treasury bills, bonds, or notes. These are backed by the full faith and credit of the United States government.
In addition, federal law provides up to $250,000 in deposit insurance coverage for self-directed retirement accounts, such as Individual Retirement Accounts (IRAs).
June 28, 2006
Posted by blogger at 6/28/2006