Saturday, November 1, 2008

FDIC Update

When I wrote my recent post about FDIC Insurance, I cautioned readers that information they read about the FDIC may go out of date. For a period of nearly ten years, few people would have noticed an erroneous article about FDIC insurance. After several bank failures in the last few months, there is much greater scrutiny of the accuracy of FDIC information published by news sources.

Some of the information in my post has already gone out of date. Specifically, last month the FDIC temporarily raised the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage is in effect until December 31, 2009. After this date, the deposit insurance limit is scheduled to return to $100,000.

Many other information sources have updated their information as well. Bankrate.com updated the article that I mentioned in my previous post, after I contacted their editor about their erroneous information. However, Bankrate did not acknowledge PFStock in their updated article. And they did not respond to an Email message that I sent them, pointing out their error. That's gratitude for you!

DC

1 comment:

Mark said...

never expect too much gratitude! i actually posted about the same thing that you did over here, just with a slightly different angle

http://www.crackinsurance.com/2008/11/04/fdic-insurance-sunset-provision/