« Treasury Statement on Fannie/Freddie | Main | The Case for Wiping out Fannie/Freddie Shareholders »

Latest Stories

• Time to Stop Digging
• Jeremy Grantham in Weekend Barron's
• Full Text of G7 Statement: Vaguer Than Vague
• Dow 7,000. My Fault.
• Paul Volcker on Charlie Rose

July 13, 2008

Honey, Are We F-D-I-whatever Insured?

Lots of U.S. residents undoubtedly spent the weekend, post the IndyBank takeover by the FDIC, checking to see if their desposits are FDIC-insured. The upshot: You are, of course, so long as you are with an FDIC-insured bank, and so long as your deposits are less than $100,000 (or $250,000 if it's a retirement account).

Here is the interesting thing. How many people have over $100,000 in their bank savings account? In other words, how many people, despite being at FDIC insured institutions, do not have full account coverage? The U.S. has a $6.881-trillion on deposit with banks, but only $4.241-trillion is insured. In the case of IndyMac something like $1-billion deposits was uninsured.

Here is a graph showing same from the WSJ:

[via WSJ]

Sphere It   |   Digg it   |   Bookmark it   |   Stumble it   |   Facebook it