Get Full FDIC Coverage on a Billion Dollar Checking Account

In a move that appears to encourage individuals to move their money into banks (from where? mattresses? stocks? bonds? non-US banks?), the Federal Deposit Insurance Corporation has now decided to insure all non-interest bearing accounts, no matter how much money is in the account.

However, there are a few limitations:

1. This takes effect only between 12/31/2010 and 12/31/2012.

2. It must be a traditional checking account or demand deposit account on which the insured depository institution pays no interest.

3. Any accounts that pay interest do not qualify.

More information can be found HERE about unlimited FDIC coverage.

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