Tuesday, June 2, 2009

Whew! Share Insurance extended to 2013

Okay, maybe you aren't as excited about the news that increased deposit insurance at both banks and credit unions will continue at least through December 31, 2013. But this is great news!

Back in October 2008 Deposit Insurance was raised for both the FDIC and NCUA temporarily and set to expire December 31, 2009. The extension is part of The Helping Families Save Their Homes Act of 2009, signed into law May 20, 2009. The action continues the increase from $100,000 to $250,000 on member share accounts. This isn't just good news it is big news since the $100,000 amount was set way back in the 1970's.

In my September post entitled Is your money safe? PART 2 I run through the NCUA's insurance estimator to give an example of how your actual insured deposit amount could be even higher than the $250,000. You can run your own estimates by using the NCUA share insurance estimator located on the website. If you haven't looked at this estimator, you should. Doing so could help you sleep a bit better.

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