[This post is written and copyrighted by FIRE Finance (http://firefinance.blogspot.com).]
With banks failing every other week, it is but natural to wonder about the safety of our bank deposits. Choosing a safe bank is only the beginning of the story. The next part is making sure that our deposits are FDIC insured. This will protect our monies in case our bank fails.
Now suppose that we have several deposits at one or more banks and need to find whether all of our deposits are covered by FDIC's insurance or not. How do we go about this task?
Thankfully, FDIC has designed a tool named EDIE (Electronic Deposit Insurance Estimator) that will do the job for us.
EDIE - The Estimator
EDIE can calculate our FDIC insurance coverage for each FDIC-insured bank where we have deposit accounts. It is designed to give an accurate deposit insurance calculation, assuming it is properly used and the account information is correctly entered. EDIE provides a printable report for each bank which shows whether our deposits are within or exceed coverage limits.
Business owners can use this tool for verifying the safety of their bank deposits. In addition FDIC has provided four step by step tutorials about how EDIE has helped real life depositors (with different combination of bank accounts and ownerships). We cite them here to give you an idea about the utility of EDIE:
We hope that EDIE will be a useful tool for you to check the FDIC Insurance coverage on your bank deposits. Hopefully it will help us to take action to protect and keep our money safe in case of bank failures.
Now suppose that we have several deposits at one or more banks and need to find whether all of our deposits are covered by FDIC's insurance or not. How do we go about this task?
Thankfully, FDIC has designed a tool named EDIE (Electronic Deposit Insurance Estimator) that will do the job for us.
EDIE can calculate our FDIC insurance coverage for each FDIC-insured bank where we have deposit accounts. It is designed to give an accurate deposit insurance calculation, assuming it is properly used and the account information is correctly entered. EDIE provides a printable report for each bank which shows whether our deposits are within or exceed coverage limits.Business owners can use this tool for verifying the safety of their bank deposits. In addition FDIC has provided four step by step tutorials about how EDIE has helped real life depositors (with different combination of bank accounts and ownerships). We cite them here to give you an idea about the utility of EDIE:
- A family has over $700,000 at the same bank. See why it's all fully insured.
- A couple has their living trust account at the same bank as their IRA deposits. See how they are covered.
- A family wanted to have as much of their money as possible at the same bank. See how they made sure all of their deposits were fully protected by the FDIC.
- A business owner got some good news from EDIE about both his business and his personal accounts.
The results and conclusions generated by EDIE are strictly advisory. All actual claims for deposit insurance shall be governed exclusively by information set forth in the FDIC-insured institution's records and applicable federal statutes and regulations then in effect.
The standard insurance amount of $250,000 per depositor is in effect through 12/31/2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs (and other certain retirement accounts), which will remain at $250,000 per depositor.
The standard insurance amount of $250,000 per depositor is in effect through 12/31/2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs (and other certain retirement accounts), which will remain at $250,000 per depositor.
We hope that EDIE will be a useful tool for you to check the FDIC Insurance coverage on your bank deposits. Hopefully it will help us to take action to protect and keep our money safe in case of bank failures.
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