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FDIC Insurance Limit Permenantly Increased - 7/27/2010 9:04:55 PM
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clydewolf
Posts: 122
Joined: 8/6/2009
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A feature in the recently enacted Banking Reform Legislation was to permenantly increase the FDIC Insurance limit on banking accounts.
The Limit was permenately set to $250,000.
The limit was made retroactive to January 1, 2008 through October 3, 2008 so the banks that failed in that time period would be covvered. The FDIC limit was temporarily increased to $250,000 on October 4, 2008.
That temporary limit was set to expire in 2013, returning the FDIC limit to it's previous level, $100,000.
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RE: FDIC Insurance Limit Permenantly Increased - 7/28/2010 3:11:45 AM
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Dane8806
Posts: 8
Joined: 7/21/2010
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irrelevant to poor peoeple
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RE: FDIC Insurance Limit Permenantly Increased - 7/28/2010 7:36:44 AM
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Miss Giggles
Posts: 4564
Joined: 4/18/2005
From: MI
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LOL don't apply to me either.
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RE: FDIC Insurance Limit Permenantly Increased - 7/28/2010 11:16:32 AM
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APZR
Posts: 1005
Joined: 4/18/2005
From: GA
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quote:
ORIGINAL: Dane8806
irrelevant to poor peoeple
It's not irrelevant to poor people. Without deposits, financial institutions can't offer services or lend. With higher insurance limits, more business people will be willing to deposit $$$. That in turn allows banks to lend to you and everyone else by credit cards, debit cards, car loans, home loans, etc. The only way it's irrelevant is if you don't have any bank accounts and you keep your $$$ in a mayonnaise jar under the bed. As a business owner, our account balance can be $200,000 one day, and $1,000 the next after paying vendors and contractors. This is significant to help us keep moving and growing, everyone working and making a living.
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Ya can't keep trouble from visitin, but you don't have to offer it a chair.
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RE: FDIC Insurance Limit Permenantly Increased - 7/28/2010 6:10:34 PM
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Miss Giggles
Posts: 4564
Joined: 4/18/2005
From: MI
Status: online
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what he was saying is some individuals and couples are never going to hit that limit. That would be a good thing to worry about.
I understand how business works.
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