FDIC Insurance Limit Estimator
June 27th, 2007
Both the FDIC and NCUA have insurance limit estimators so that you can verify all of your CD investments and other accounts at institutions are insured.
Before investing any funds in a bank or credit union first make sure you can verify they are federally insured. A bank will have an FDIC# that you can look up here. A credit union will have a Charter# that you can look up here.
For a bank, use the FDICs Electronic Deposit Insurance Estimator to verify that all your funds are insured. For a credit union, use the NCUAs program to make sure all of your funds are insured. I recently tested both systems and they showed that a husband and wife with three qualifying beneficiaries could have up to $700,000 of insurance.
-- By Chris Duncan
$700,000 worth of insurance is incredable. As mine is a bank, i’ll have to check what i can recieve using the FDICs EDIE program.
Thanks for posting.
Banking in the US has certainly become more fraught with risk since the economic crisis began to unfold and all the sub prime mortgages went sour a few years back. Now we all have to be more careful and look at our deposits, what the cover is, what the protections are, etc. in a much more careful way than ever before. A tool like the one provided above becomes ever more inportant! From the point of view of deposit insurance Thailand provides an interesting perspective. Virtually all of the banks’ depositers are covered by the insurance provided by the government on deposits, however the limits are in the process of being lowered and will be around 30,000 US Dollars by 2012. This provides a reasonable cover, while at the same time not encouraging irresponsible behavior by bankers who feel that the government will cover all the depositer’s risk.