Get your government hands off my FDIC!
Just talked to a very nice, older Baltimorean who wanted to know whether Obamacare bans the sale of gold worth more than $600, as her accountant told her. (It doesn't. The bill expands requirements for filing 1099 forms for many businesses, including gold & coin dealers. Even so, it's an onerous burden and should get overturned.) "I don't like government," she says, by way of explantion.
But she has another question. Are her money market deposit accounts at her bank insured by the Federal Deposit Insurance Corp.? She won't deposit her money until she's sure. They probably are, I reassure her, and print out the FDIC policy to send her in the mail. Maybe she doesn't hate government as much as she thinks.
Comments
I didn't think that money markets were insured by the FDIC. I thought it was only checking and saving accouts.
Hi Michelle: I thought the same thing until I checked the FDIC web site. Money-market mutual funds, bought through a bank's brokerage arm, are NOT FDIC insured. But money market deposit accounts with the bank are. Here is the FDIC Web site. JH
http://www.fdic.gov/consumers/consumer/information/fdiciorn.html
Posted by: Michelle Brown | February 25, 2011 12:41 PM
Thanks, Jay. That makes sense.
Posted by: Michelle Brown | February 25, 2011 2:54 PM