In an effort to increase confidence in the financial markets, the Federal Government recently raised the limit in which bank deposits are insured through the Federal Deposit Insurance Corporation (FDIC). Bank deposits are now insured up to $250,000 (per depositor per insured bank). The previous limit was $100,000. The change went into effect October 3, 2008 and continues through December 31, 2009.
The move comes as part of the Emergency Economic Stabilization Act of 2008 passed by Congress and signed by the President. NADART’s Trustee, Cardinal Bank, has an informative article on the FDIC and how it affects you. CNNMoney.com also has an article that summarizes the bill as a whole.
We at NADART recognize that these are difficult times for both business owners and their employees. If you have any questions or concerns about your retirement plan, please contact a NADART Representative at (800) 462-3278, ext. 7161 or e-mail nadart401k@nada.org.