FDIC EXTENDS $250,000 INSURANCE THROUGH 2013
This post is a little late but the good news is that the insurance the FDIC guarantees per person per account at most banks has been extended to the 12/31/2013. You can read about it here at the FDIC website.
If you have any doubts whether your bank is part of the FDIC program you should take the time to go in and ask. There should be a sign on the wall somewhere of something on the teller counters saying that they are FDIC insured. If still in doubt, please ask one of the people sitting at the desks and they should be able to give you a printout with all the rules and regulations.
Another thing you might want to ask about is exactly what the $250,000 limit applies to if you are married or if you have more than one account. This is a point of some confusion even among professionals. I have personally gone into two different banks and gotten two different answers. The rules seem to state that the insurance is “per person” and not per account but put on the spot, even the people in the two banks weren’t 100% sure.
The more questions you ask about the FDIC insurance extension, the more you will be able to understand and you will go away feeling better about it. Remember, it is YOUR money you are investing so don’t be hesitant to ask questions.
