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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]

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