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FDIC Rules That Deposits In Foreign Branches Of US Banks Are Not Insured

Monday, September 16, 2013 - 6:40 PM
If I read this correctly, this sounds like the kind of thing you'd want to at
least be aware of if you're considering investing in foreign currency (CDs):

     "On September 12, the Board of Directors of the Federal Deposit Insurance
      Corporation (FDIC) approved a final rule clarifying that deposits in
      foreign branches of US banks are not FDIC-insured, even though they can
      be deposits for purposes of the national depositor preference statute
      enacted in 1993."

Read more:
5
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
1. Monday, September 16, 2013 - 6:51 PM
More info on this, FDIC: Deposits at Foreign Branches Aren't Insured,
from The Wall Street Journal.
2
cumuluscumulus297 posts since
Jan 16, 2010
Rep Points: 1,370
2. Tuesday, September 17, 2013 - 7:01 AM
An important point is contained in the article:

"The final rule does not affect deposits in overseas military banking facilities governed by regulations of the Department of Defense. According to the FDIC, these funds “will continue to be insured by the FDIC to the same extent that they have been.”
3
ShorebreakShorebreak2,367 posts since
Apr 6, 2010
Rep Points: 12,619
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