Post by yogibearbull on Apr 1, 2024 14:02:14 GMT
FDIC Limits Insurance with Tricks
Gone are days for piling on the FDIC insurance at the same bank with various tricks - trusts, POD/TOD, etc.
The basic FDIC insurance is still $250,000, but that using all tricks at the same bank is $1,250,000.
These rules will apply to new accounts, and retroactively to existing accounts.
It's no April Fools' joke (4/1/24 release).
edie.fdic.gov/index.html
www.fdic.gov/news/fact-sheets/final-rule-trust-mortgage-accounts-01-21-22.pdf
Gone are days for piling on the FDIC insurance at the same bank with various tricks - trusts, POD/TOD, etc.
The basic FDIC insurance is still $250,000, but that using all tricks at the same bank is $1,250,000.
These rules will apply to new accounts, and retroactively to existing accounts.
It's no April Fools' joke (4/1/24 release).
edie.fdic.gov/index.html
www.fdic.gov/news/fact-sheets/final-rule-trust-mortgage-accounts-01-21-22.pdf