Joe,
Just a recurring thought here that has bothered me the last few years.
When I was 12-16 years old and getting into banking, savings, getting my first job, budgeting, and saving, I remember the big bronze engraved plaque riveted to the concrete door column of the First National Bank of Springfield that said “The F.D.I.C insures all deposits to $250,000.00”.
Back then, bread was 33 cents a loaf, and milk was 33 cents a gallon, as was gas unless a gas war would bring it to 25.9. Now it’s ten times that amount.
So, now that bread is $3.00 a loaf (or half a loaf that’s too wide for any American toaster) gas is over $3.30.00, and milk is $3.50 to $4.00, (10x) why isn’t my deposit insured to 2.5 million dollars? It’s still at $250k!
Gary Bullard
DelMarVa's Premier Source for News, Opinion, Analysis, and Human Interest Contact Publisher Joe Albero at alberobutzo@wmconnect.com or 410-430-5349
7 comments:
not many have over $250
Don't know how old you are, but I remember when it was $100,000.
Got raised to $250,000 just a few years ago.
Gary:
The FDIC never insured accounts to that level of deposits until 2008.
Here are the amounts set, and years implemented:
1934 - $2,500
1935 - $5,000
1950 - $10,000
1966 - $15,000
1969 - $20,000
1974 - $40,000
1980 - $100,000
2008 - $250,000
So exactly how old are you??
I'm 57. Where did you get that information? I could swear That's what I read back then... 1968 or so.
Gary B.
You could try Google.
Or Wikepedia.
Better get your memory checked out. I remember the limits being much lower in the 1960s.
In fact, when the FDIC limit was raised to from $40,000 to $100,000 in 1980, it contributed to the S&L crisis which occurred shortly afterward.
Well, I guess I need a new memory card! I'll pick one up tomorrow...
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