Few noticed extension of FDIC limits
Lisa R. shared 07/05/09 at 03:39 PM ago
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A writeup online discusses how a bank had a somewhat misleading sign inside their building stating:
“Deposits guaranteed by FDIC up to $250,000,” it said in big blue letters. In smaller black type: “Through Dec. 31, 2009.”
Apparently the memo that the $250,000 deposit limit has been extended to Dec. 31, 2013 didn’t make it to all FIs. If banks are giving out wrong information, no wonder so many people don’t know about the new law.
Heath S.
This reminds me of an issue I’ve talked to several of our other banker’s with. Last year they paid 35K for FDIC coverage. This year it is costing them over 350K!!!! I really hate that community banks have to pay for the sins of Wall Street.