« Tax Court's FLLP Mirowski case analyzed | Main | Mexico -- Assisted suicide and availability of suicide drugs »
July 22, 2008
More on FDIC insurance rules
As discussed earlier on this blog, it is important to know how FDIC insurance covers your savings, be it in retirement accounts, joint accounts, POD accounts, trust accounts, etc.
After the failure of IndyMac, it is especially important to be well-versed with the insurance rules. IndyMac depositors may lose $1 billion of uninsured, unsecured, and unprotected funds. These 10,000 uninsured depositors will only receive about 50% of their funds. See Bill Donoghue, After IndyMac Failure, Be Sure Your Accounts Are Properly Insured, FoxBusiness, July 15, 2008.
See also Kathy M. Kristof, Knowing your insurance limits on bank accounts is key, LA Times, July 20, 2008.
Note that extreme care must be taken in relying on "write ups" about the extremely complex FDIC rules. Instead, use the FDIC's Electronic Deposit Insurance Estimator.
July 22, 2008 in Current Events, Estate Planning - Generally, Non-Probate Assets | Permalink
TrackBack
TrackBack URL for this entry:
http://www.typepad.com/services/trackback/6a00d8341bfae553ef00e553cd363d8834
Listed below are links to weblogs that reference More on FDIC insurance rules:
Comments
I would like to know about an irrevocable trust rules on deposits, what would happen if my mother died there was almost 200,000 in the bank and me and my sister were on the trust to receive the money???
Posted by: Stan | Oct 20, 2008 7:13:52 PM
