034 MG Are Your Deposits Insured?

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.6 • 1.8K Ratings

🗓️ 8 August 2007

⏱️ 7 minutes

🔗️ Recording | iTunes | RSS

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Summary

FDIC: What's covered, what's not. Like what you hear? Help us out by writing a review at iTunes. Questions go to [email protected]. Also, check out Legal Lad's Quick and Dirty Tips for a More Lawful Life. Thank you!

Transcript

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0:00.0	Hello and welcome to Moneygirls quick and dirty tips for a richer life.
0:10.0	Today's topic are your deposits insured. But first a big thank you to everyone who
0:19.1	nominated Money Girl for Best Business Podcast in the Podcast Awards.
0:24.0	Voting is open now through August 11th and you can vote once per day.
0:28.0	I'd really appreciate your vote.
0:30.0	Grammar Girl is also nominated for People's Choice and Best Education Podcast,
0:35.0	and I know she'd really appreciate your vote too.
0:38.0	To vote, visit W.W.
0:41.0	Podcast Awards.com. And now on to our topic.
0:45.0	Have you ever wondered what the FDIC logo at your bank really means?
0:50.0	What level of protection does the Federal Deposit
0:53.7	Corporation offer and does the insurance apply to you?
0:58.5	I want to start with a little history.
1:00.8	The US government created the F.D. I.C. in 1933 to restore the public's confidence in the U.S. banking system
1:08.6	after the widespread bank failures of the Great Depression. Despite the word federal in the FDIC's name,
1:16.0	the FDIC is a corporation funded by the insurance premiums
1:20.0	banks pay for the coverage.
1:22.0	The FDIC ensures deposit premiums banks pay for the coverage.
1:23.2	The FDIC ensures deposits at U.S. banks that purchase the insurance.
1:28.8	In the event that an FDIC insured bank goes broke, deposits are protected up to $100,000 per depositor.
1:37.0	Certain retirement accounts such as IRAs and Kios are protected up to $250,000 per account holder.
1:46.2	For most everyone, the $100,000 limit on deposit accounts is more than sufficient.
	...

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