FNBO Direct Caps Deposits

May 19, 2007

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That’s right. I just got an email saying that FNBO Direct is capping customers’ deposits to $1,000,000. So unfortunately, you can’t deposit more than a million dollars anymore with FNBO. Too bad I don’t have that problem. If you do have that problem, you probably don’t need my help! Anyway, I don’t think you should be putting more than $100,000 into any one account because it is only insured up to that amount. In the case of a bank failure, you will only receive $100,000 from the FDIC and you become creditors to the bank and they will probably sell off assets to try and pay you back. However, this is not guaranteed.

Banks still fail. The latest bank to fail was Metropolitan Savings Bank in Pittsburgh, PA on February 2, 2007. Try not to have more than $100,000 in any one account so you’ll be protected and safe.

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