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Article: afeguarding IRAs in difficult times; Retirement accounts are federally insured up to $250,000 per bank.(IRA Alert)
- Article from:
- Investment News
- Article date:
- August 25, 2008
CopyrightCOPYRIGHT 2008 Crain Communications, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Byline: Ed Slott
Worries about bank failures and the stability of other financial institutions are all over the news lately. Clients with individual retirement accounts at a bank might be concerned about them. But .
Congress raised the limit from $100,000 in 2006. (For non-retirement accounts, the Federal Deposit Insurance Corp. or the National Credit Union Administration limit remains at $100,000.)
The $250,000 limit for federal deposit protection applies to retirement accounts at banks and savings associations insured by the Washington-based FDIC as well as credit unions insured by the Alexandria, Va.-based NCUA. The insurance coverage applies ...