FDIC: How much am I covered under FDIC?

I am not going to get into great detail about FDIC but here is what you need to know:

• Every depositor is temporarily covered for $250k until Dec 31st, 2009. Sometime before this date FDIC will let us know if they will revert back to $1ook per depositor. My personal feeling is that they will maintain the $250k coverage longer, but that is just my opinion.

• If you desire more coverage above the $250k then you will need to add a depositor to your account, like a joint owner or beneficiary. You can also open accounts at other banks, remember each bank covers you for a separate $250k.

• On FDIC's website, there is a cool calculator called the Electronic Deposit Insurance Estimator or EDIE (https://www.fdic.gov/edie/calculator.html) and you can plug in the types of accounts that you have and the estimator will show you if you are covered on your deposits. Keep in mind that IRA deposits are separate and are covered for $250k aside from regular deposits.

• Pheew...ready for some more? If you still are not fully protected under FDIC's limits of $250k on your INTEREST bearing accounts, you can put all of your money in NON-INTEREST bearing account, like a checking account and have 100% FDIC coverage even if it exceeds the $250k. It is unlimited and it is also in place until Dec. 31st of 2009. Please note that all banks do not participate in this program. As of Dec 5th, banks were given the option to continue insuring their depositors for all of their balances. For a list of the banks that opted out of this Temporary Liquidity Guarantee Program visit the FDIC website and search Temporary Liquidity Guarantee Program. So if you're bank is not listed on the opt out list than you can take advantage of FDIC's unlimited insurance on non interest bearing accounts.