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Money Girl

092 MG Extra! Extra! The New FDIC Scoop

Money Girl

Macmillan Holdings, LLC

Investing, Education, Business, Entrepreneurship, How To

4.61.8K Ratings

🗓️ 11 October 2008

⏱️ 8 minutes

🧾️ Download transcript

Summary

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Transcript

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0:00.0

Hello and welcome to Moneygirls Quick and Dirty Tips for a richer life.

0:10.0

I'm your host Laura Adams. This is a special extra episode to make sure you have

0:19.2

the most up-to-date information about recent changes to FDIC insurance.

0:24.9

From the many emails I've received from listeners about the FDIC, I know this is a topic

0:30.3

that really hits home right now.

0:32.4

Like this email from Patrick.

0:34.0

Hi, Laura, I have one question regarding holding more than $250,000 in a single SEP IRA account.

0:41.0

First, I fully understand the money is not FDIC insured if it is in stocks, etc.

0:48.0

However, if I allocate it to different FDIC insured CDs at different institutions would it then all be insured.

0:56.0

For example, if I had a $100,000 FDIC insured CD at Bank A and a second $100,000 FDIC insured CD at Bank B and a third $100,000

1:07.8

FDIC insured CD at Bank C would they all be fully insured, even if all three banks failed?

1:14.0

Thank you in advance for your expertise.

1:17.0

Well, thanks for the question, Patrick.

1:19.0

And have no fear Money Girl is at your service to help you know if you need to take quick action to protect your funds.

1:25.0

The good news is that as of October 3rd, new legislation in the Emergency Economic Stabilization Act of 2008 increase the basic deposit

1:35.8

insurance limits. But this is a temporary measure that's just in place until

1:40.6

December 31st of 2009.

1:44.0

Here's a quick overview to which Patrick alluded.

1:47.1

FDIC insurance only applies to deposits such as checking accounts,

1:52.1

savings, money market deposit accounts, and certificates of deposit or CDs.

1:57.0

It does not insure any type of financial product such as mutual funds, stocks, bonds, or insurance.

2:05.0

First, I want to make sure you understand the following two important points about coverage.

...

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