Quote:
Originally Posted by frostfire
turning humor button off here as this is critical info for me. Not a stockholder, but what happen to Wachovia customer with this Wachovia-Citi-WellsFargo merger? Should I withdraw all accounts, even paying penalty on CD, or just wait and see?
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If the total in each individual owner's name is less than $100,000, it is covered by FDIC - so there is no reason to withdraw your money.
The bailout has provided a temporary increase in FDIC insurance to $250,000 through Dec 31, 2009.
LINK. Per the Wall Street Journal, the President has signed the bill, so I suppose the higher limits apply at this time.
I hope that helps.