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FDIC coverage increased

Posted: Monday, May 11th, 2009 at 5:23 am

In an effort to boost confidence, the federal government has increased the amount of money they'll cover through the Federal Deposit Insurance Company. Washington State Bank loan officer Brandon Long says that's a double edged sword for smaller banks. He says more than 30 banks have failed during this recession, but no one has lost money in an FDIC insured account. He says the coverage increase is tentatively set to expire in December, but there have been rumors of the federal government extending it.

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