Will FDIC/NCUA Increase Coverage?

CDmanFL | Mar 13, 2023 | 286 posts since 2019

Forgive me for this self-serving comment but I know it would benefit a lot of you as well. Any chances the FDIC/NCUA will increase its coverage above $250,000 per ownership category? Doubling that to $500,000 per ownership category would certainly be nice. Maybe in the wake of SVB this would be a lovely move by the government. I for one would be thrilled as I wouldn’t need to go through the mental gymnastics of monitoring and readjusting PODs. It would certainly make life a lot simpler for a lot of us savers.

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JeffinEasternFL | Mar 13, 2023 | 744 posts since 2020

All banks are gonna pay a few bps more to FDIC after this past week's debacle, an increase would mean higher fees for the banks (again) and probably slightly lower rates paid on deposits. Definite maybe. Though the inflation of past few years would seem to favor such a move. Perhaps by uncomplicating the FDIC insurance by beneficiary, SSN, et all, etc., and strictly having the insurance at $500K per account number only? Conjecture...

CDmanFL | Mar 14, 2023 | 286 posts since 2019

If I was running the planet, here’s the simple solution: $1 million per person per bank. End of story. Problem solved. No fancy manuals. No insurance calculators. No head scratching. No wondering or strategizing about increasing coverage through PODs. Anything over $1 million is uninsured and no bailouts ever for those who choose to take on risk. Very simple and easy.

Matt83 | Mar 14, 2023 | 63 posts since 2018

I agree. 1 million. No additional beneficiary ownership category. 1 million for single, 2 million joint. Simple.

Call your House representative and your Senators.

CDmanFL | Mar 14, 2023 | 286 posts since 2019

Amen Matt.

jjflyman | Mar 14, 2023 | 17 posts since 2018

It would appear that the FDIC insurance is a moot point now as the Government just guaranteed all deposits in SVB bank. If this sets a new policy then all deposits are safe anywhere, any amount.

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