Latest deposit insurance Stories

2010-08-02 08:00:00

AAA partnership with Discover Bank gains further momentum as consumers seek safety and higher than average rates ORLANDO, Fla., Aug. 2 /PRNewswire-USNewswire/ -- AAA announced today that total deposits in its AAA Deposit Program, offered in conjunction with Discover Bank, have doubled to $2 billion in the past 12 months. Forty-five AAA clubs offer money market accounts, certificates of deposit and IRA CDs via AAA's relationship with Discover Bank. All of the products are FDIC-insured(1)...

2009-09-20 09:46:25

A financial regulation bill being written by U.S. Sen. Chris Dodd, D-Conn., differs from ideas backed by the White House, the senator says. Dodd's bill, which is expected to play the same role in the effort to place tighter controls on Wall Street as the bill crafted by Sen. Max Baucus, D-Mont., did for healthcare reform, includes a measure to merge four current bank supervisory agencies into one super-regulator, The New York Times reported Sunday. That differs from a plan backed by U.S....

2009-08-31 00:16:51

The number of U.S. banks shut to date in 2009 is triple the number that failed in 2008, government regulators said. Most of the banks that failed this year are small, regional banks that fell victim to losses on real estate and consumer loans when unemployment surged to a 25-year high. However, many large institutions closed in 2009, a Federal Deposit Insurance Corporation spokesman said. The cost to FDIC of closures on Friday alone was about $446 million, CNN reported. The FDIC said more...

2009-08-27 12:50:08

The safety net for U.S. bank depositors dropped 20 percent in the second quarter, the Federal Deposit Insurance Co. said Thursday. The bank's insurance fund fell to $10.4 billion from $13 billion, the FDIC said. The 8,195 banks and thrifts insured by the FDIC lost $3.7 billion in the quarter, a drop of $8.5 billion from the second quarter of 2008 when FDIC-covered banks earned profits of $4.8 billion. With total assets of federally insured banks dropping by $238 billion in the quarter, there...

2009-05-23 07:42:46

The U.S. Federal Deposit Insurance Corp. says it will charge banks more to insure investors' deposits as bank failures drain FDIC insurance funds. The agency's five-member board voted Friday to collect larger assessments from banks at a time when many such institutions are scrambling for funds just to stay in business and were warning that higher FDIC taxes will mean less money available to lend to customers, The Washington Post reported. Especially targeted by the FDIC board were the largest...

2009-03-19 07:25:00

In the current economy, moving your money to a different bank may seem like a stellar idea. Since many banks on Earth are floundering, why not transfer to an alien bank? Obviously, that option does not exist, but you can pretend. The publisher of "Entropia Universe," a science-fiction game online located on Calypso, an imaginary planet, has been given a real banking license from the Swedish Financial Supervisory Authority. The publishers plan to start an authentic bank in one year, even...

2009-02-27 15:14:36

A former federal bank examiner in New York said Friday that mainstream banks were being punished for mistakes made on Wall Street. Mainstream banks, which is what the 5,000 banks like us call ourselves, continue to be pummeled for the sins of Wall Street, Cattaraugus County Bank President Salvatore Marranca said, Business First of Buffalo reported. Marranca is outraged that the Federal Deposit Insurance Corp. will raise the insurance premiums for all banks, as its fund for backing up bank...

Word of the Day
  • An evil spirit; a devil.
  • A nightmare.
  • In astrology, the twelfth house of a scheme or figure of the heavens: so called from its signifying dreadful things, such as secret enemies, great losses, imprisonment, etc.
'Cacodemon' comes from a Greek term meaning 'evil genius.'