July 23rd, 2010
Sorry that I didn’t get this out sooner. On Wednesday, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010. This was touted as the largest set of financial reforms since The Great Depression. Only time will tell if that is true or not.
The good news is that tucked into the bill was making the $250,000 FDIC insurance limit permanent. For those with larger amounts, you at least don’t need to worry about watching maturity dates any longer. A husband and wife can now have up to $1 Million insured at one bank. If they add beneficiaries and POD accounts it can be substantially more.
Another bit of good news for many was that the bill made the $250,000 limit retroactive to January 1, 2008. This means that many investors who found themselves over insured at ANB Financial and IndyMac when they failed will recoup much if not all of their losses. This is being handled automatically and we were told by the FDIC that people should be receiving checks within 7 to 10-Days. One problem may be for those that have moved. The FDIC will be using the address on record at the time of the failure. So if you have moved, I would contact the FDIC and see how you can recover your funds.
My family took a big summer trip. What have you been up to this summer? Leave a comment and let me know.
Have a great day,
-- By +Chris Duncan