Legal Marketing & PR

FDIC unlimited bank account protection

By Edward Poll, J.D., M.B.A., CMC

I just met with my banker and she told me of a new program that is very significant for many.

As you know, FDIC insurance protection was available up to $100,000 per customer; for the first time in 28 years, Congress changed this to $250,000. And then, for clients trust accounts, the FDIC instituted a new regulation that stated all clinets' trust accounts, under certain guidelines, could be insured without limit.

Now, the FDIC has instituted yet another change ... only for certain banks that make application and are approved. The FDIC will insure all non-interest bearing accounts without limit. This will even allow you to transfer funds from an interest bearing account to a non interest bearing account, and then be protected for the full amount.

Check with your bank to find out if you can get this added protection in these uncertain times. The program is scheduled to extend through December 2009, though it's suspected that the program will be extended further.

Full post as published by Law Biz Blog on May 11, 2009 (boomark / email).