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The federal government recently has taken extraordinary steps to stabilise and protect the financial markets and the broader economy; there are also steps you can take to make sure your money is insured and protected. The Federal Deposit Insurance Corporation (FDIC) is promote Americans to visit myFDICinsurance.gov, a Web site that helps individuals learn about the benefits and details of deposit insurance. There you can use "EDIE the Estimator," an online tool that provides customise information about your insured accounts.
In just a few steps, EDIE can help you ascertain whether all the money you have in bank deposit accounts is 100 percent FDIC-insured. If your money is fully insured, you cannot lose a penny no matter what because your deposits are backed by the full faith and credit of the U.S government.
"For 75 years, no one has ever lost a penny of insured deposits," said FDIC Chairman Sheila Bair, "but as with any type of insurance, depositors are responsible for knowing how FDIC coverage works in order to ensure their money is protected."
Recent changes in FDIC insurance limits provide temporary new protection above previous $100,000 levels. Through the end of 2009, basic deposit insurance coverage is up to $250,000 per depositor, with separate coverage provided for deposits held in different account ownership categories.
Depositors may qualify for expanded FDIC insurance coverage if they have deposits in different account ownership categories, but if your total deposits at one bank exceed the basic insurance amount, it's extremely important to structure your accounts properly. A husband and wife each potentially could have a combination of individual accounts, Individual Retirement Accounts and joint accounts at one FDIC-insured bank and be fully insured for up to $1.5 million.
Consumers also may benefit from special, temporary coverage for non-interest bearing checking accounts. Checking accounts at participating institutions that pay no more than 50 basis points currently are fully insured by the FDIC, no matter how much money is in them, until December 31, 2009. While this expanded coverage is intended primarily for businesses, consumers may also deposit funds in eligible checking accounts in participating banks. To learn whether your bank is participating, ask your banker or check online to see if your bank has opted out of this program at www.fdic.gov/tlgp (click "TLGP Opt Out Lists").
The FDIC offers information and tips to help depositors make sure their money is safe:
* Find out whether your bank is insured by using the FDIC's Bank Find at www.FDIC.gov/bankfind or by calling toll-free 1-877-ASK-FDIC.
* When you open a deposit account at an FDIC-insured bank, your account has automatic deposit insurance coverage with no additional action on your part.
* Separate FDIC insurance coverage is provided for deposits you have at different FDIC-insured banks.
* Confirm whether your deposits are within insurance limits by using EDIE the Estimator at myFDICinsurance.gov or by calling 1-877-ASK-FDIC.
* You will receive motivate access to your insured deposits in the event your bank fails.
* Insured banks are required to tell you when a financial product it offers is not spread by FDIC insurance.
"Despite the credit crisis and challenges facing banks, the bulk of the U.S. banking industry is healthy and remains well capitalise," said Bair. "The FDIC stands ready to meet our sacred commitment to depositors to protect their money."
In just a few steps, EDIE can help you ascertain whether all the money you have in bank deposit accounts is 100 percent FDIC-insured. If your money is fully insured, you cannot lose a penny no matter what because your deposits are backed by the full faith and credit of the U.S government.
"For 75 years, no one has ever lost a penny of insured deposits," said FDIC Chairman Sheila Bair, "but as with any type of insurance, depositors are responsible for knowing how FDIC coverage works in order to ensure their money is protected."
Recent changes in FDIC insurance limits provide temporary new protection above previous $100,000 levels. Through the end of 2009, basic deposit insurance coverage is up to $250,000 per depositor, with separate coverage provided for deposits held in different account ownership categories.
Depositors may qualify for expanded FDIC insurance coverage if they have deposits in different account ownership categories, but if your total deposits at one bank exceed the basic insurance amount, it's extremely important to structure your accounts properly. A husband and wife each potentially could have a combination of individual accounts, Individual Retirement Accounts and joint accounts at one FDIC-insured bank and be fully insured for up to $1.5 million.
Consumers also may benefit from special, temporary coverage for non-interest bearing checking accounts. Checking accounts at participating institutions that pay no more than 50 basis points currently are fully insured by the FDIC, no matter how much money is in them, until December 31, 2009. While this expanded coverage is intended primarily for businesses, consumers may also deposit funds in eligible checking accounts in participating banks. To learn whether your bank is participating, ask your banker or check online to see if your bank has opted out of this program at www.fdic.gov/tlgp (click "TLGP Opt Out Lists").
The FDIC offers information and tips to help depositors make sure their money is safe:
* Find out whether your bank is insured by using the FDIC's Bank Find at www.FDIC.gov/bankfind or by calling toll-free 1-877-ASK-FDIC.
* When you open a deposit account at an FDIC-insured bank, your account has automatic deposit insurance coverage with no additional action on your part.
* Separate FDIC insurance coverage is provided for deposits you have at different FDIC-insured banks.
* Confirm whether your deposits are within insurance limits by using EDIE the Estimator at myFDICinsurance.gov or by calling 1-877-ASK-FDIC.
* You will receive motivate access to your insured deposits in the event your bank fails.
* Insured banks are required to tell you when a financial product it offers is not spread by FDIC insurance.
"Despite the credit crisis and challenges facing banks, the bulk of the U.S. banking industry is healthy and remains well capitalise," said Bair. "The FDIC stands ready to meet our sacred commitment to depositors to protect their money."
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