I’ve read quite a bit of misinformation on the internet about FDIC insurance.? Given the headlines on Countrywide, people are concerned.

If your bank is FDIC insured (Countrywide is), your funds are insured up to $100,000. If you have a joint account with your spouse (or anyone else for that matter), the funds are insured up to $200,000. IRAs are insured to $250,000.00.

If for some reason your bank fails, the FDIC sends your insured funds within 7 – 10 days. It can take longer if your funds are placed through a custodian and the custodian has over $100,000 on deposit. The custodian has to file forms showing that all of their accounts belong to seperate individuals, with no one owning more than $100,000.

So if you aren’t over the insurance limits and you want to take advantage of some of the higher rates that banks have been offering, feel safe doing so.

If you want help figuring things out, leave a comment.

IRA CD
Certificate of Deposit Rates

-- By Chris Duncan

Posted in Economy