Roger Beverage says people keep hearing about a crisis in the banking industry and want to know how it affects their savings.
He says the crisis does not affect them — other than psychologically.
Beverage says it's important for people to know how stable the Federal Deposit Insurance Corporation is.
The $700 billion dollar financial bailout signed into law last week raises the FDIC insurance on individual bank accounts to $250,000.
Copyright 2008 The Associated Press.
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It's only effective until Dec 31, 2008. After this date the Fed reserves the right to extend it for an additional 3 more months, then once again has the option to continue or stop it. You are correct in stating that this is good for one year assuming they pick up each option.
Apparently this new format, with the bigger FONTs, means the articles will be shorter and less informative. For instance, I think the increase in the individual bank insurance is only effective for 12 months.
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Leave a comment. Log in below or sign up (it's free).Editor's note: It is not our intent to offer comments on crime or fatality stories.