deposit insurance

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Mystery Exodus: $114B Withdrawn From Banks in Jan.

Fed data shows post-9/11 record

(Newser) - The country's biggest banks have seen $114 billion leave their coffers this month, with withdrawals in the first full week of the year hitting a post-9/11 record, according to Fed data. Seasonal adjustment cuts the figure to $52.8 billion, which remains the third-highest ever recorded. Bloomberg is trying... More »

Bank Charges for Deposits as Investors Panic

Banking giant slaps fee on major accounts

(Newser) - So many big investors are fleeing stock market turmoil for the safety of bank accounts that money market rates have dropped below zero and large amounts of cash have become a nuisance for at least one institution. Bank of New York Mellon, which specializes in handling cash for corporations and... More »

FDIC Seizes 6 Banks, for Total of 34 This Year

But the pace is down from last year

(Newser) - The pace is slowing, but bank failures continue to ripple throughout the industry. The FDIC seized six yesterday, the most in a single day this year, reports AP . That makes a total of 34 in 2011, compared to 50 at this point last year. The new banks seized were in... More »

FDIC May Borrow Billions From Banks

Tapped-out deposit insurance fund mulls reverse bailout

(Newser) - After a year of government bailing out the banks, now the banks may bail out the government. Regulators are considering a plan for the FDIC, which protects bank depositors, to borrow billions from healthy banks, enabling the fund to refresh its accounts after a wave of bank failures. Banks and... More »

Southern Lender Becomes Year's Biggest Bank Failure

(Newser) - Alabama's Colonial Bank has collapsed in the sixth-biggest bank failure in American history, the Wall Street Journal reports. The lender, which had assets of $25 billion and 346 branches in five southern states, was an aggressive mortgage lender in overheated markets like Florida, and its failure will cost the FDIC ... More »

FDIC May Need Its Own Bailout

Agency lacks funds to insure present level, much less proposed raise to $250K

(Newser) - The Federal Deposit Insurance Corporation has quietly and effectively done its job safeguarding Americans’ money since 1933, but the financial crisis will thrust the agency into the spotlight, reports Big Money, Slate’s financial offshoot. The bailout bill increases the amount the FDIC insures, from $100,000 to $250,000,... More »

Raising Deposit Insurance May Save Bailout Package

Help for George Baileys could win over balky politicians

(Newser) - A plan to boost deposit insurance for bank accounts is gaining traction in Washington and could help rescue the rescue package, the Wall Street Journal reports. Community bankers have been pushing hard for a hike from the current $100,000 limit to $250,000. The move, which would also ease... More »

Senate Will Vote on Bailout Tomorrow

Effort to revive plan adds tax cut, raises deposit insurance

(Newser) - In a surprise move to resurrect President Bush's $700 billion Wall Street rescue plan, Senate leaders slated a vote on the measure for tomorrow—but added a tax cut plan already rejected by the House. The Senate plan would also raise federal deposit insurance limits to $250,000 from $100,... More »

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