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Just A “Little” TidBit

Home - by - February 10, 2013 - 18:30 America/New_York - 11 Comments

by Ann Barnhardt

More FDIC Smoke and Mirrors

A reader sent this in. Effective December 31, 2012, FDIC insurance became AGGREGATED with a maximum PER OWNER cap of $250,000.

dollar sign with bitesMany of you are under the impression that FDIC protection is per account, and thus if you just keep your money spread around and never keep more that a quarter-mil in cash in any one bank that you are “safe”.

Nope. It is tied to your Social Security number / Tax ID number now.


Read it here.


  1. Mary Jane Anklestraps

    February 10th, 2013

    That is fucked up. 250k PER?! Why take the chance?!
    See, this is why I keep my money in a mayo jar under the porch, dammit.

    Thumb up +7

  2. Mary Jane Anklestraps

    February 10th, 2013

    And I’m supposed to scream at people for keeping money in foreign banks after this? Pfft.

    Thumb up +9

  3. Anonymous

    February 10th, 2013

    I dont get it.
    When the rule of law no longer applies (and we are really close on this), why would anyone worry what the “government” owes to the people through insurance? Like it would matter.

    Thumb up +5

  4. Anonymous II

    February 10th, 2013

    What matters is the DIRECTION , SPEED, and INTENT of the changes. BAD, BAD, & BAD.

    Thumb up +6

  5. MaryfromMarin

    February 10th, 2013

    The safeguards we have taken for granted for ages are crumbling around us, and the pace is picking up. It is critical to stay alert and informed–you never know what will go belly up next (probably wise to expect everything to, and then be relieved when/if some don’t).

    Thumb up +5

  6. Kenny Sullivan

    February 10th, 2013

    Menderwoman just said: “Well, that’s stupid. It’s just another reason to move your money out of the country, how is that gonna help?”

    Thumb up +6

  7. Stranded in Sonoma

    February 10th, 2013

    This is so 0bama will only have to pay out 250 large to the wealthiest Americans when he debases the currency and destroys their lives and livelihoods.

    Too bad someone doesn’t take out an ad on the all of the nightly news networks to run at exactly the same time. Pay for the full minute. Explain what this means and tell people that their money is safer in a foreign bank than a US bank.

    Thumb up +8

  8. Kenny Sullivan

    February 10th, 2013

    MJA, Menderwoman says you are real smart.

    Thumb up +3

  9. J Frank Parnell

    February 10th, 2013

    J Frank doesn’t think it’s 250K per citizen aggregate at all FDIC-insured depository institutions (IDI). It’s 250K at any one bank (IDI). If you have one million dollars spread 250K at four different banks, it’s all insured.

    1. When the Dodd-Frank Deposit Insurance Provision expires, how will noninterest-bearing transaction accounts be insured by the FDIC? What will be the impact on deposit insurance coverage on other types of accounts?

    Beginning January 1, 2013, noninterest-bearing transaction accounts will no longer be insured separately from depositors’ other accounts at the same IDI. Instead, noninterest-bearing transaction accounts will be added to any of a depositor’s other accounts in the applicable ownership category, and the aggregate balance insured up to at least the Standard Maximum Deposit Insurance Amount (SMDIA) of $250,000, per depositor, at each separately chartered IDI.


    J Frank has clients with money. That shit was making J Frank nervous enough to disassociate from himself and talk in the third person. Please don’t torture J Frank.

    Thumb up +4

  10. sablegsd

    February 10th, 2013

    I wish I had some money so I could worry about the commies stealing it.

    Thumb up +4

  11. Jethro

    February 10th, 2013

    If you have enough in the bank to worry about this law you had better start considering precious metals…The real thing – not exchange traded products or certificates.

    Thumb up +5