FDIC makes bold move with unlimited deposit insurance

[{ProdigiousHaitian}]

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010,through December 31, 2012.

This temporary unlimited coverage is inaddition to, and separate from, the coverage of at least $250,000 availableto depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditionalchecking account or demand deposit account on which the insureddepository institution pays no interest.

It does not include other accounts,such as traditional checking or demand deposit accounts that may earninterest, NOW accounts, money-market deposit accounts, and Interest onLawyers Trust Accounts (“IOLTAs”).

For more information about temporary FDIC insurance coverage oftransaction accounts, visit www.fdic.gov.

https://www.fdic.gov/deposit/deposits/notice.pdf

the timing is interesting.

[tkc]

Thanks for the info, I can you this till I figure all my different investments.

[Ras]

You may be onto something, this timing is Curious.

Goooo RV!

Now I have an alternative bank account to open, A "Transaction Checking/Saving Account"

Thanks for your input.

RB 4 RV

[lawdog32]

Wow, nice find. Seems like they are preparing for an influx of money!

[luv2hike27]

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010,through December 31, 2012.

This temporary unlimited coverage is inaddition to, and separate from, the coverage of at least $250,000 availableto depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditionalchecking account or demand deposit account on which the insureddepository institution pays no interest.

It does not include other accounts,such as traditional checking or demand deposit accounts that may earninterest, NOW accounts, money-market deposit accounts, and Interest onLawyers Trust Accounts (“IOLTAs”).

For more information about temporary FDIC insurance coverage oftransaction accounts, visit www.fdic.gov.

https://www.fdic.gov/deposit/deposits/notice.pdf

the timing is interesting.

Nothing new there, its was passed October 26,2010. Here is the link to the memo.

http://www.fdic.gov/news/board/Nov9no4.pdf

[BruceV]

Very interesting reading. I'm trying to not get to excited on every little detail that seems to go OUR way But deep down I am, Its going to happen sometime. Only Iraq really knows, just wish they'd get off their rumps and get with it!

[kelber]

All the banks I asked said they opted out of the last TAGP. Anyone know for sure which banks are still in the program?

[fnbplanet]

Ya know, I've been thinking about this all day, and let's say somethin' smeels a bit off. Th e government NEEDS people to SPEND in order to get the economy going - anyone disagree with that? The liberals complain that all of the "rich" people are sitting on their cash, and it's slowing the growth.

Then this - "we'll guarantee unlimited amounts in your checking account". Why do that? Will it keep us from buying precious metals? Keeping a stash at home? Is the thinking that if it's in an account that doesn't make interest more likely that we'll spend it? - don't think so.

Maybe I'm just paranoid, but when the government makes it easier/safer for me to do something, I get suspicious......anyone's thoughts?

[Jac]

Ya know, I've been thinking about this all day, and let's say somethin' smeels a bit off. Th e government NEEDS people to SPEND in order to get the economy going - anyone disagree with that? The liberals complain that all of the "rich" people are sitting on their cash, and it's slowing the growth.

Then this - "we'll guarantee unlimited amounts in your checking account". Why do that? Will it keep us from buying precious metals? Keeping a stash at home? Is the thinking that if it's in an account that doesn't make interest more likely that we'll spend it? - don't think so

Maybe I'm just paranoid, but when the government makes it easier/safer for me to do something, I get suspicious......anyone's thoughts?.

Well now are these not the same people who insured the mortgage banks and then had to bail the banks out. Are these not the same people who caused millions of people to buy homes they could not afford and so lost them back to the banks? Are these not the same people who bailed out Wall Street and the Auto Industry?

You have every right to be paranoid. I want to help our sagging economy but should we trust those who put the economy right where it is today?

Should we feel comfortable they now want to insure unlimited or huge amounts of money in our tag and non interest bearing accounts. Would they bail us out if the banks went under again? Or would some stipulation by banks leave everyone penniless but them?

Just saying...doesn't sound to safe to me.

God Bless America!

Edited December 29, 2010 by Jac

[tevye02]

Nothing new there, its was passed October 26,2010. Here is the link to the memo.

http://www.fdic.gov/news/board/Nov9no4.pdf

Good catch Luv2hike, this seems to really be just an addendum to help attorneys with there trust fund accounts. Like the attorneys need help LOL

Haitian - maybe you are on to something, timing does seem interesting. Maybe "they" know there will be a lot of people using attorneys for large transactions soon. Makes you go HMMMMMM! thanks for your time and good find

[blueskygal]

dont promote other sites

http://www.cdars.com/ where you can get multi-million dollar account protection through a local bank - check the list - may be better than fdic insurance...cheers!

[Jac]

dont promote other sites

http://www.cdars.com/ where you can get multi-million dollar account protection through a local bank - check the list - may be better than fdic insurance...cheers!

Exactly what I have been told by experts. Much better than FDIC!

God Bless America!

[DarkShinobi76]

dont promote other sites

http://www.cdars.com/ where you can get multi-million dollar account protection through a local bank - check the list - may be better than fdic insurance...cheers!

Very grateful for this link, thanks blueskygal...