Affluent Americans may want to double-check how much of their bank deposits are protected by government-backed insurance. The rules governing trust accounts ...
Affluent Americans may want to double-check how much of their bank deposits are protected by government-backed insurance.
The FDIC said the new rule will make it easier for consumers and bankers to understand deposit insurance rules. It is also designed to help FDIC agents more quickly determine which accounts are insured after a bank fails.For tens of thousands of bank customers, the change could lower how much in those accounts are insured if their financial institution fails. Those affected may need to restructure their deposits or open new accounts at another bank to ensure their funds are protected.
The Federal Deposit Insurance Corporation seal is shown outside its headquarters, March 14, 2023, in Washington. What isn't changing is that the FDIC still insures up to $250,000 per depositor and per account category at each bank. "Before this change, many people weren't aware that you could theoretically insure almost an infinite amount at one bank through the FDIC rules through a trust account," Tumin said.
Additionally, merging revocable trusts and irrevocable trusts into one ownership category could decrease coverage "in limited instances." James Baldwin famously said, "Anyone who has ever struggled with poverty knows how extremely expensive it is to be poor." In January 2014, long after the Great Recession but before the pandemic,...Execute Stocks Strategies like a Professional by pairing...OMAHA, Neb. — Berkshire Hathaway's first quarter profits plummeted along with the paper value of its investments, but the company said Saturday that most of the businesses it owns outright performed well.
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