Thursday, October 9, 2008

How the bailout affects you right now

Everyone is anxious to see how the big bailout is going to affect the economy. Meanwhile the stockmarket isn't behaving as we hoped. But most of the aspects of the bailout haven't been put into place just yet--except one. We heard this was going to happen, but the speed at which it was implemented was surprisingly quick for government work. I'm referring to the increased deposit insurance.

Statutory Share Insurance Change: $250,000
The new law became effective on October 3, 2008, and will remain in place through December 31, 2009. The law provides for an increase in the minimum NCUSIF coverage from $100,000 to $250,000 on member share accounts. This includes all account types, such as regular share, share draft, money market, and certificates of deposit. Individual Retirement Account and Keogh account coverage remains at up to $250,000 separate from other types of accounts owned.

It's about time.

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