DDM is a daily, multi-million dollar FDIC sweep program that works similarly to a money market fund sweep, except investor cash is swept daily into FDIC insured accounts
The FDIC is required to provide depositors with access to their insured accounts
as soon as possible after an institution fails.
* Number of referrals and leads gathered from networking activities and those connected to currently insured accounts
Whether a goods seller or service provider has coverage for its unpaid, insured accounts
receivable under a policy will depend on the policy language and defined terms.
The integration with the information system of XBC gave rise to the flexibility to send electronic payment information directly to the insured accounts
, and get the money debited from there.
However, if a client has other personal funds on deposit in the same bank in insured accounts
, the $250,000 limit applies to the combination of the client's personal and trust account deposits.
You retain full access to your insured accounts
through the new financial institution that has agreed to acquire the failed bank's assets.
According to the grant criteria, organizations receiving funds must provide financial education training, assist individuals in opening insured accounts
, develop low--or no-cost products and services, and serve as a replicable model to other communities without the need for ongoing public subsidies.
Therefore, while we cannot observe the distribution of uninsured deposits, it is reasonable to presume that the majority of partially insured deposits have balances that are less than the mean of the distribution and that the bulk of partially insured accounts
are less than $200,000.
"Securities firms have bought banks and are moving money market mutual funds into insured accounts
," he says.
"As long as any institution can offer insured accounts
and pursue risky activities," the National Commission on Financial Reform, Recovery, and Enforcement warned in 1993, "taxpayers could be vulnerable to some future set of 'unique' circumstances and events that could grow into another debacle."
The Treasury Department has encountered a great deal of Congressional resistance to its proposal to limit the number of $100,000 insured accounts
each person can have at one bank.