900 N. Kings Highway, Cherry Hill, New Jersey 08034
856.667.4100 · 215.563.0276 · Fax: 856.667.3652

The Online Advisor

October 2008

Smart Business

 Review your accounts for FDIC coverage


In today's financial environment, it's wise to review your various accounts to see if you have the protection you think you have.

In general, the Federal Deposit Insurance Corporation (FDIC) provides $100,000 of basic insurance protection for personal bank accounts, including certificates of deposit (CDs). That's $100,000 per person, per institution. To increase your protection, you can spread your accounts over a number of different banks (though accounts in different branches of the same bank will be aggregated).

Joint accounts are insured apart from separate accounts, so you can increase your coverage by putting some funds into a joint account.

You might also check out the "CDARS" option that lets you use one bank that disperses your large deposit among member banks, keeping each account under the insured amount.

Certain types of assets aren't covered by FDIC insurance, such as the contents of safe deposit boxes and annuities. Others have different coverage amounts, such as IRAs which are insured up to $250,000.

Review your accounts and your options for expanded protection with your banker, or visit the FDIC Web site (www.fdic.gov/edie) for more information. This FDIC site has an excellent estimator to help you determine coverage for your accounts.


For details on exactly what business records you need and how long they should be kept, call us.

[Current Online Advisor] [Business Information] [Home]

 

 

untitled

This site designed and maintained by the Information Technology experts at Alloy, Silverstein, Shapiro, Adams, Mulford, Cicalese, Wilson & Co.

We appreciate comments concerning our website. Contact our webmaster .