make WWAY your homepage  Become a fan on facebook  Follow us on twitter  Receive RSS Newsfeeds  MEMBERS: Register | Login

Marino on Money: July 15

READ MORE: Marino on Money: July 15
This week we are talking about FDIC insurance. Last year, the limit was increased from $100k to $250k. This increase was meant to be temporary. By law, it will return to $100k on January 1st, 2010, but there are a couple of exceptions. Retirement accounts, such as an IRA will still be covered up to $250k. The other exception relates to certain checking accounts in some situations. If you have over $250k in a checking or similar account, call your bank to see if that account qualifies. What is covered by FDIC insurance? Checking, savings, and CDs are the most common accounts covered. Investments, even if they are purchased through a bank are not covered. FDIC insurance doesn't cover everything. Don't assume it applies to all of your business at a bank. You may visit for a specific list of what is covered, or call your institution and ask. We have seen many banks fail this year. What happens when a bank fails? We will discuss that tomorrow.

Disclaimer: Comments posted on this, or any story are opinions of those people posting them, and not the views or opinions of WWAY NewsChannel 3, its management or employees. You can view our comment policy here.