Ally Bank Bows to FDIC, Slashes Rates

June 19, 2009

Should a well funded bank be able to set their own interest rates to attract new customers, or should they bend to the pressure from the Federal Deposit Insurance Corporation (FDIC) to lower interest rates? If you support the free market, your answer would probably be no. But that is what recently happened when the […]

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$250k FDIC Deposit Insurance Extended to 2013

May 29, 2009

The Treasury Department recently approved the FDIC’s request to extend the temporary deposit insurance limit of $250,000 from the end of 2009 to 2013. This move was made to add stability to the banking industry and instill more consumer confidence in our economy. Until last year, the FDIC insurance deposit limit was $100,000. However, consumer […]

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How the FDIC Takes Over Banks

March 15, 2009

Many US banks have already failed in 2009, and economists are forecasting more bank failures before the year ends. The economic crisis has hit many banks, large and small. If you ever wanted to know what happens if your bank fails, this 60 minutes video shows how the FDIC comes in to take over banks […]

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More Banks Fail and More Bank Failures in the Forecast

March 9, 2009

The news seems to get worse each day – US banks are failing at a rate that hasn’t been seen in decades. According to this CNN article, there have already been 14 bank failures through the middle of February. There were 25 bank failures in 2008, meaning we are over halfway to last year’s number […]

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What Happens if Your Bank Fails?

February 16, 2009

As of Early February, there have been 34 bank failures in the US in the last 13 months, including 9 already in 2009. That is a large enough number to cause concern for the banking industry. But does that mean you should be concerned? Not if your bank is a bank that is covered by […]

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