Friday, August 28, 2009

The Number of Banks in Trouble Grows

Is there any safe place to put your money these days? Well yes, but you must be smart about it.

Did you know that the FDIC has increased the FDIC coverage for depositors to $250,000 per person, per bank? They have these limits in place until 2013. The thing to do is to not put all your eggs in one bank.

The Wall Street Journal has an article on the status of the FDIC and the banks in today's edition. You can read all about it here: http://online.wsj.com/article/SB125137695691263385.html .

If you want delve in a little deeper to see what might be going on with your bank, then you may want to take a look at http://www.financialstability.gov/latest/reportsanddocs.html . Look at the latest TARP report by date. This will give you a list of all TARP recipients and show whether they have paid back their TARP funds. Is your favorite bank in here?

When buying CD's, make sure that your brokerage account is not also buying CD's from the same bank. This would jeopardize your FDIC insurance by potential exceeding the $250,000 limit.

You want to be smart about investing? Then, buy and read my book, Keep Your Assets Take My Advice. http://www.amazon.com/Keep-Your-Assets-Take-Advice/dp/1440126933 You will wonder where I have been all your life.

Thanks.