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Does your deposit have insurance protection?
By Admin | June 9, 2009
You don’t need to worry if you have too much money in the bank, don’t start running around shopping for a bank to hold your money. Before you worry yourself you have to find out if your bank carries additional insurance. In some states all savings banks are required to offer additional insurance policies through the
Deposit Insurance Fund (DIF). The reason behind this is that DIF covers all deposits over the FDIC therefore the depositors are not required to do a thing. However there is no national insurance program for all banks but there is another alternative called the Certificate of Deposit Account Registry Service (CDARS). In case your bank participate in this program you are entitle to over $50 million dollars in Certificate of Deposit and still you are covered through the FDIC fund. What you do is to just deposit money into CD at your bank.
Topics: Deposit Insurance | No Comments »