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Sunday, May 24, 2009

FDIC & NCUA $250,000 Insurance Limit Extended to 2013

On May 20, President Obama signed a law the Helping Families Save Their Homes Act of 2009. The law expands the reach of the Administration’s Making Home Affordable Programs, improves the Federal Housing Administration’s Hope for Homeowners program and streamlines how HUD supports thousands of homeless support programs across America. Also important to CD investors is the law includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31st, 2013.

Last year when the financial crisis began, FDIC and NCUA deposit insurance was temporarily increased from $100,000 to $250,000 until the end of this year to help the banks. The bulk of the bill dealt with mortgages and foreclosures, so higher deposit insurance took a back seat in terms of limelight. If $250,000 of coverage isn't enough and you don't feel like opening up numerous bank accounts, then you can always $50 million in FDIC insurance through the CDARS program but that comes at a price.

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