Tag

Coverage Limits

All articles tagged with #coverage limits

personal-finance2 years ago•4 min saved

Experts and Fintechs weigh in on potential FDIC coverage limit increase.

The FDIC may guarantee deposits above $250,000 again if further instability occurs, according to President Joe Biden. While most consumers do not have to worry about their deposits, experts suggest finding institutions that guarantee higher deposits or adding beneficiaries to your account to gain FDIC coverage even if you are over the $250,000 limit. Additionally, some states provide backstops for FDIC insurance, and other kinds of accounts may offer different protections, such as the National Credit Union Administration for credit union deposits or Securities Investor Protection Corporation for brokerage accounts.

via CNBC|

#banking #beneficiaries #coverage-limits

personal-finance2 years ago•4 min saved

"Banking System Soundness and Consumer Protection Plans in the Spotlight"

Treasury Secretary Janet Yellen has warned that uninsured deposits may not be protected in the event of future bank failures. Depositors generally have up to $250,000 of coverage per bank, per account ownership category through the Federal Deposit Insurance Corporation (FDIC). However, many depositors at failed banks, such as Silicon Valley Bank and Signature Bank, had uninsured deposits at the time of failure. To ensure FDIC coverage, customers should check their bank statements and consider opening accounts at other banks. Other financial safety nets, such as Treasury bills, may also provide protection.

via CNBC|

#bank-failures #coverage-limits #fdic