BackerReport |
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BackerReport is a periodical addressing topics of interest to community associations in South Florida and is provided as a service to the clients and friends of Backer Law Firm, P.A. All articles are written by attorneys of Backer Law Firm, P.A. (unless otherwise indicated) and are protected by copyright. It is important to note that court decisions discussed in this newsletter are sometimes subject to change as the parties pursue further appeals or other remedies. The articles that discuss court cases in this newsletter are based upon the courts' decisions that are released when the newsletter was written.
The Federal Deposit Insurance Corporation
(FDIC) insures deposits in U.S. banks up to a
maximum limit per depositor. The limit was
increased from the historical maximum of
$100,000.00 to a maximum of $250,000.00.
In the February, 2009 issue of
BackerReport, we
cautioned that the increase was only
temporary and would revert back to the
$100,000.00 maximum insured amount at the end
of this year. Since we published that edition
of BackerReport, the government has
extended the date of the expiration of the
increased limit. According to the FDIC, "The
standard insurance amount of $250,000 per
depositor is in effect through December 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 latest extension gives community
associations some breathing room so that
decisions concerning where to keep reserve
accounts and other accounts that have
balances in excess of the limits no longer
need to be made before the end of 2009.
Remember, the maximum insured amount is
determined by adding up all deposits held in
the Association's name at a particular bank,
not by the amount held in each separate
account at the same institution.
For more information about the FDIC and for
tools to help investigate the status of your
own bank, click on the "FDIC Website" link below.
You may obtain back issues of BackerReport online by going to our website www.BackerLawFirm.com. Click the image above. |
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