When I heard this morning about Washington Mutual, I started to really get worried. I am concerned about the apparent domino affect of all these failing financial institutions and the implications for our retirement savings, which are, thankfully, not at WaMu.
So I called our CPA who told me about EDIE the Estimator. EDIE is a calculator on www.FDIC.com where you list all your account information – type of account and balances – and it tells you how much, if any, of your money is not covered by FDIC deposit insurance.
If you do have money “uninsured,” you can open a new account at another financial institution where you can move your non-insured funds, where, as long as they comply with FDIC deposit insurance criteria, they will be insured.
Contact your CPA for more information.
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