Sorry to put a financial/economic article in my blog but we need to know this.
The insane are running this country! We are now insuring deposits up to 250,000 but this expires on 12/31/09 the end of THIS YEAR! – Info comes straight out of the FDIC information sent to the bank’s!
Basic Coverage for all depositors:
1.Until December 31, 2009: Under 12 C.F.R. 330.1(n)-Standard maximum deposit
Insurance amount, referred to as "the SMDIA" hereafter, means $250,000 adjusted pursuant
to subparagraph (F) of section 11(a)(1) of the FDI Act (12 U.S.C. 1821(a)(1)(F)).
Under the new law, as of January 1, 2010 the SMDIA returns to $100,000.
Up to $250,000 per depositor including principal and accrued interest. This increase is
effective immediately, but expires on December 31, 2009. The category “Certain
Retirement Accounts”remains at $250,000 after the expiration of the law on
December 31, 2009.
Important! Therefore, please remember the December 31, 2009 “expiration date”when
opening time deposits. Based on the current law, time deposits with a maturity date
after December 31, 2009 will revert back to the old rules of $100,000 per depositor after
December 31, 2009.
About the Author:I am a cybersecurity and IT instructor, cybersecurity analyst, pen-tester, trainer, and speaker. I am an owner of the WyzCo Group Inc. In addition to consulting on security products and services, I also conduct security audits, compliance audits, vulnerability assessments and penetration tests. I also teach Cybersecurity Awareness Training classes. I work as an information technology and cybersecurity instructor for several training and certification organizations. I have worked in corporate, military, government, and workforce development training environments I am a frequent speaker at professional conferences such as the Minnesota Bloggers Conference, Secure360 Security Conference in 2016, 2017, 2018, 2019, the (ISC)2 World Congress 2016, and the ISSA International Conference 2017, and many local community organizations, including Chambers of Commerce, SCORE, and several school districts. I have been blogging on cybersecurity since 2006 at http://wyzguyscybersecurity.com