Learning about this article somehow opens my eyes to the flow of governance of the FDIC. As long as problems occur I know that there is a possible solution such like to provide low interest rate and other promotions.
Alert: What the FDIC Doesn't Cover
Categories: Banking Family & Money
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Unfortunately, we have all learned that our friendly bank might not be as safe as we thought it was.
The Federal Deposit Insurance Corporation (FDIC) has increased its coverage on your checking account, money market accounts and IRAs to $250,000 per named account. But that FDIC insurance does not extend to what you may have stashed in a safe-deposit box at your bank.
Your bank has no idea what may be squirreled away in your box. So, unless proven negligent, the bank can't be held liable if anything is stolen from it or lost or damaged due to a natural disaster.
If you do like to keep that 10 karat diamond ring or that collection of rare stamps and coins under lock and key, check your homeowner's or renter's policy to see if your safe-deposit box is covered.
If not, or if your policy only covers a nominal amount, call your insurance agent and ask about a "floater" policy that let's you add this coverage to your homeowner's insurance. The "floater" may be a little pricey, but remember the value of what you want to protect.
Bank failures are on the rise and we want to help you protect your money! Check out these articles to learn more:
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March 5, 2010 2:31 AM
updated: March 5, 2010 2:36 AM
March 16, 2010 9:03 AM
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May 27, 2010 4:50 AM
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June 13, 2010 2:16 AM
Your employer will probably need it to report your income to the IRS, while your bank or stockbroker may need it to report dividends or coach bags. But, beyond that, such as when a business asks for your SSN in connection with a purchase, the decision is up to you... and it's a decision you should not take lightly.
June 22, 2010 4:03 AM
Thank you for the tip regarding double-checking homeowner's or renter's policy. It never dawned to me the negative possibilities of keeping our rare old coins we collected during tours of Israel, because knowing that it is a 'huge bank' makes you feel safe and easily place your complete trust to the company.
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