The Stock Market Meltdown - Is Your Investment Safe?

In light of the current financial sector failures, some people have expressed concerns regarding the current stability and solvency of the banking industry and more specifically, regarding the safety of personal funds and investments.

Therefore, We are making available some of the Federal Deposit Insurance Corporation (FDIC) Internet resources that comprehensively address many questions and concerns being expressed throughout the country.

The FDIC has published a brochure titled “When a Bank Fails-Facts for Depositors, Creditors, and Borrowers.” This brochure should comprehensively answer most of the questions and concerns of every Americans and investors in particular.

Here are some questions people are asking:

What Does the FDIC Insure?
The FDIC is a government corporation that insures all deposits at insured banks, including checking and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

How Much Does The Insurance Cover?
The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement accounts, such as Individual Retirement Accounts, are insured up to $250,000 per depositor per insured bank.

How Do I Increase My Insurance Coverage?
Since accounts at different banks are insured separately, the easiest way to increase your coverage is to simply keep less than $100,000 at any one bank. You could have $100,000 each at 500 different banks, and be insured for $50 million in total.

You may also qualify for more than $100,000 in coverage at one insured bank if a wife and husband own deposit accounts in different ownership categories.

How Do I Know If My Bank Is Insured?
Use the FDIC Bank Find to answer questions like: Is My Bank Insured? Is My Bank Insured? Where is My Bank's Home (Main) Office Located? What is My Bank's Web Site Address? What Happened to My Bank (Historical List of Events)? Does My Bank have a New Name? Is My Bank Still Open? And More.

What Happens If My Bank Really Fails?
Firstly, the FDIC does not notify people that their bank is about to fail or has failed. The only way for you find out is when your debit card gets denied or you walk up to your bank and it has a new name. Here is a list of banks that have failed since October 2000, that includes a summary how it was handled.

The Finance Buff shares with us what happens when your bank goes out of business. The example given is Metropolitan Savings Bank in Pittsburgh, which the FDIC took over recently.

Example Of A Possible Bank Failure
Here’s a good example of what could happen when a bank fails and the FDIC steps in: The FDIC announced the bank’s takeover on Thursday. By Monday the deposits have been taken over by another bank, the branches were re-opened, and the insured people have access to their money again.

But, out of the $12 million in deposits in the bank, there were 30 account holders with total assets of $1.2 million not insured by the FDIC. Those people are now creditors to the receivership of the failed bank, and must wait as the FDIC liquidates the bank’s remaining assets. The process could be a long drawn out one before you know if you will get any of your money back.

Additional Information:
Request a copy of “Your Insured Deposits,” which provides a detailed discussion on all the ownership categories, or by calling toll free 1-877-275-3342.

Calculate your insurance coverage on-line using the FDIC’s Electronic Deposit Insurance Estimator.


Contact the FDIC - Call toll-free at 1-877-ASK-FDIC (1-877-275-3342) from 8 a.m. until 8 p.m. Eastern Time, Monday through Friday. For TDD call 1-800-925-4618. Learn more about FDIC insurance on-line.


Send your questions by e-mail using the FDIC’s on-line Customer Assistance Form.

Mail your question to:
FDIC
Attn: Deposit Insurance Outreach
550 17th Street, N.W.
Washington, DC 20429-9990




Disclaimer: The content in this document is intended to present available information in a non-technical way and is not intended to be a legal interpretation of FDIC regulations and policies.

Steps to Success

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How to Become A Successful Financially Independent Entrepreneur

I just want to share with you some information that could make a difference in your life forever. There have been an increasing number of people today who are searching the Internet for a way to become financially independent. I have taken the time to address what I believe is the fundamental reason why most are not achieving financial success.

Therefore, if you desire to become a successful entrepreneur and experience financial freedom, then you’ve got to take action to change your outlook on life. Taking action now by being in control of your life’s expectation is a prerequisite to financial freedom.

Do you know that having a job could be seen as an indication that you’ve probably surrendered a lot of your freedom to your employer? Your employer has the authority to determine how much money you make, when you report to work, when to take a lunch break, when you go home, when you get a pay increase, and even when to retire.

Most people see their job from a standpoint of security. But financial security is not something that will simply happen to you one day. It is created and achieved on purpose through consistent actions toward well-defined objectives.

To be a successful entrepreneur you need to have a clearly defined mission. Knowing your mission and being able to execute it, is a critical constituent to the success of your business. It is said, “Until you know where you’re going, you won’t know when you arrived;” you may just be expending all your time and energy on things that are not important.

So, if you lack focus and purpose in your business, you will not likely make any real progress. However, when your mind and heart are focused on the same thing with a clear vision and a mission for success all self-imposed restrictions will begin to fade away.

Every successful entrepreneur aspires to become a millionaire. Therefore, if your intention is to become a millionaire, first work at developing the “millionaire” mindset. Having the right mindset is the first step to getting ahead of the game. It’s your mindset, which begins and ends with your decision to be financially free, that will determine what you do on a daily basis, to receive the right to success and financial freedom.

The right mindset for success is your attitude. The right attitude will release the correct sequence of events to take place in order to move you toward your objective. It will turn your vision, goals and plans into reality. Incidentally, it’s your attitude towards success that determines how many opportunities will come your way as well as which ones you’ll recognize and convert into positive results.

Rich people respect money, treat their money with respect and are not afraid to take risk. Therefore, you too must respect money with every ounce of your fiber. It is true that you will only attract what you respect. You’ve probably heard the saying “money attracts money,” that is a true statement. It takes money to make money, and lots of it.

Most people at a job trade their time for money; they are paid at a given rate per hour. The amount of time that they trade is in direct proportion to the amount of money they make. We equate time with money; therefore, we can safely say that “time is money.” How you treat your time will demonstrate how you’ll treat your money. Respect money, use it wisely, let it work for you and you’ll become a money magnet.

Every minute that passes you by, is gone forever, so act now! Nothing gets done without getting started. Nothing will happen if you live your life on hold. Remember, it’s not what you know that makes a difference; but rather it’s what you do with what you know that counts.

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Most of us do the best we can with what we know, but some of us continue with our old ways knowing that there could be a better way. Why do we do it? It’s because we’re comfortable with our old ways, it’s what we know, and it’s called our comfort zone.

Breaking out of your comfort zone involves risk and can bring up your deepest fears to the fore. But everyone taking that step with a determination to succeed has found that it’s one of the best decisions that they have ever made. Start charting your course to success, now!