Calculating FDIC Insurance
August 4th, 2008
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Another Bank, First Priority Bank, FL (FDIC# 57523) was taken over by the FDIC on Friday, August 1, 2008. The insured deposits have been transferred over to SunTrust Bank, Georgia (FDIC# 867).
This follows another takeover a couple of weeks ago of First National Bank of Nevada and First Heritiage Bank. The insured deposits were transferred to Omaha National Bank.
This brings me to my latest article. I actually published it on Google’s new service, Knol. Here it is, Calculating FDIC and NCUA Insurance.
Let me know what you think.
cd :O)
-- By Chris Duncan
Very well done on the article, I’ve also published using Knol. Did you know one can get FDIC insurance on up to $50 million using the Certificate of Deposit Account Registry Service or CDARS? The service has been around since 2003, take a look at ths site, CDARS.com
Yes, I’m familiar with CDARS. We actually have a similar program. With CDARS you aren’t able to pick which banks your funds are being invested in. This could cause some problems if you have CDs invested through other banks directly or other programs. In addition, you may not know the underlying strength or lack there of, of those banks.
With our program you do know which banks your funds are going into and you can pick and chose based on criteria that is important to you.