BackerReport )
A newsletter addressing issues of concern to South Florida Community Associations September 2009 Special
Articles In This Issue
  • FDIC $250K Limit Extended to 2013
  • Back Issues of BackerReport Available Online
  • 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.


    FDIC $250K Limit Extended to 2013

    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.

    Back Issues of BackerReport Available Online
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