Free Financial Advice Bus Tour in D-FW
February 6, 2009 by Jean Keener, CFP, CRPC, CFDS · Leave a Comment
Mark your calendars for February 23 from 11:30 to 1:30. The national Your Money Bus tour will be making a stop at a place near and dear to my heart – Southlake Central Market. Local financial advisors, including me, will be there to answer your financial questions at no charge.
We’re all keenly aware of the economic challenges our country and many individuals are facing right now. An unstable economy, rising unemployment rates and home foreclosures continue to impact residents throughout our area.
To help individuals address these issues, we’ll be delivering complimentary financial advice from independent registered investment advisors along with free educational materials focusing on savings and debt reduction.
Central Market has generously agreed to host the bus, and will be providing space in their cooking school for the complimentary financial sessions. It will be a great opportunity to get your questions answered in a fun, upbeat atmosphere. Thanks to Central Market’s Community Relations Manager Ren Knight for arranging the stop!
The bus tour itself is presented by the National Association of Personal Financial Advisors Foundation, Kiplingers, and TD Ameritrade. The bus will also be making stops at UT Arlington and in Dallas. Here’s the full schedule:
9:00 am to 11:00 am – Free advice event at the Center for Continuing Education and Workforce Development at the University of Texas at Arlington (140 W. Mitchell Street, Arlington, TX). Bring your financial questions and get them answered by a financial advisor.
11:30 am to 1:30 pm – Free advice event at the Central Market Southlake (1425 E. Southlake Blvd, Southlake, TX). Bring your financial questions and get them answered by a financial advisor.
2:00 pm to 5:00 pm – Free advice event at the J Erik Jonsson Central Library (1515 Young Street, Dallas, TX). Bring your financial questions and get them answered by a financial advisor.
FDIC Insurance
January 8, 2009 by Jean Keener, CFP, CRPC, CFDS · Leave a Comment
What’s protected?
Bank deposits are protected by the Federal Deposit Insurance Corporation (FDIC), an independent agency backed by the full faith and credit of the U.S. government. FDIC insurance covers both demand deposits, such as checking, NOW, savings, and money market deposit accounts, and time deposits, such as certificates of deposit (CDs). It covers both principal and any interest accrued as of the date that an insured bank closes.
FDIC coverage does not include mutual funds, stocks, bonds, life insurance policies, annuities, or other securities, even if they were bought through an FDIC-insured bank. It also does not cover U.S. Treasury securities, though these are backed separately by the full faith and credit of the U.S. Treasury. Finally, the FDIC does not insure safe-deposit boxes, though if a bank were to fail, the FDIC would typically either arrange for transfer to another bank or notify you to retrieve the contents.
How much is insured?
The Emergency Economic Stabilization Act of 2008 temporarily increased the amounts that are FDIC insured at an individual bank or savings and loan. The legislation states that the increase in standard coverage is effective through December 31, 2009, though there has been widespread discussion of making the increased limits permanent.
The previous limit of $100,000 per individual per bank was increased to $250,000. The $250,000 limit applies to single-owner accounts, such as those held in one person’s name, those established for another individual (e.g., an UTMA or escrow account), sole-proprietor (”DBA”) accounts, and accounts established for the estate of a deceased person.
You can’t increase your protection just by opening multiple accounts in your name at the same bank (for example, splitting money between a checking and a savings account, or opening accounts at more than one branch).
What if I have more than $250,000?
The simplest approach is to have accounts at more than one bank. However, your coverage at an individual bank depends on how accounts are owned; different types of accounts are insured separately. You can exceed the $250,000 limit as long as the deposits represent different categories of ownership. For example, a joint account qualifies for up to $250,000 of coverage for each person named as a joint owner. That coverage is in addition to the $250,000 maximum coverage for each person’s aggregated single-owner accounts at that bank. For example, a married couple with three accounts at one bank–they each have $250,000 in an individual account, and they also have $200,000 in a joint account–would qualify for insurance on the entire $700,000.
The limit on the amount protected in one or more retirement accounts at one bank also is $250,000; this is separate from the $250,000 coverage of individual accounts. (Remember, however, that FDIC insurance applies only to deposit accounts, not to any securities held in an IRA or other retirement account.) An online calculator at the FDIC website, www.fdic.gov, can help you estimate the total coverage on your deposit accounts.
Additional safety nets
In some states, a state-chartered savings bank is required to have additional insurance to cover any losses beyond the FDIC limits. Some banks also may participate in the Certificate of Deposit Account Registry Service (CDARS), which enables a bank to spread large CD deposits among multiple banks while keeping the amount at each individual bank within FDIC limits. Paying attention to your bank balances and account ownership can help protect you in a worst case scenario.
Free Seminar, Jan. 5: Retirement Savings
December 2, 2008 by Jean Keener, CFP, CRPC, CFDS · Leave a Comment
Where: Keller Public Library (640 Johnson Rd., Keller, TX)
When: Monday, January 5, 2009, 6:30 to 8:00 p.m.
Limited Space. Reservations Recommended. Call (817) 743-4840 to reserve your seat.
Figure out how much you need to save for retirement. Take a realistic look at your progress, and get the tools to build a solid plan and the peace of knowing you’re taking care of this important part of your future. Presented by: Jean Keener
See all Seminars where I’m speaking here.