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July 15th, 2008

Insure Your Money, Diversify Your Accounts

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Under federal law, the Federal Deposit Insurance Corporation (FDIC) fully insures individual savings accounts up to $100,000, joint accounts up to $200,000, and individual retirement accounts up to $250,000.

The recent takeover of IndyMac by federal regulators serves as a cautionary tale. Droves of customers flocked to the bank demanding to withdraw their money. However, customers with accounts over the FDIC-insured limits may be out of luck, and out of a whole lot of money.

Your bank may not be in trouble, but it’s better to play it safe – if you have more than $100,000 in your bank account, you should diversify by opening up an additional account with a different bank.

We suggest anyone with accounts over the FDIC insurance caps diversify their funds into smaller individual or joint accounts.

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About the HSH Blog

HSH.com's daily blog focuses on the latest developments in the mortgage and housing markets. Our mission is to relate how changes in mortgage rates and housing policy, as well as the latest financial news, impacts consumers, homebuyers and industry insiders alike. Our 30-plus years of experience in the mortgage industry gives us an edge as we break down the latest changes in an ever-changing market.

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Tim Manni

Tim Manni is the Managing Editor of HSH.com and the author of their daily blog, which concentrates on the latest developments in the mortgage and housing markets.

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