How the FDIC protects your savings?

Even if your bank crashes down, the FDIC Insurance can effectively protect your savings. Investors consider banks as a safe haven for their hard-earned savings and capitals. The banks on the other hand loans out the money and invests it in a variety of projects. If any of these activities goes haywire, the money deposited by you may well face the danger. Under such circumstances, the FDIC Insurance offers security and helps the bank to shield your cash from any probable damage.

The FDIC covers deposits that fall under the category of Checking accounts, Savings accounts CDs and Money market accounts. Here, one needs to note that the money market funds are not covered by the FDIC. This insurance cover is not extended to the safety deposit box contents, the investments like the mutual funds or stocks and the insurance products of the likes of annuities. Further, the products mentioned above do not fall under the category of deposits. This is in spite of the fact that, these products might have been bought from the bank. The credit unions also do not fall under the purview of the FDIC Insurance.

The basic insurance limitations are:

1. Every depositor can have up to $100,000, covered.
2. For a retirement account, the depositor can have $250,000.

These limits can vary again with the different banking institutions. The depositor can well increase his coverage by going for multiple bank accounts.

Written by srini on September 21st, 2009 with no comments.
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Immigration disapproval hurts the American Apparel

The Los Angeles factory of the prestigious American Apparel had to bear the brunt of laying off around 1,500 workers as they were immigrants who did not have the permit to work in America. In early 2008, the ICE had already completed an extensive inspection to determine whether the American Apparel was actually complying with the stated immigration laws of the land. In July 2009, ICE issued a notification to American Apparel stating that the agency failed to verify the employment eligibility of around two hundred of the organization’s employees. The ICE had basically conducted an extensive review of the databases of the government and discovered that over 1,600 of the American Apparel employees were actually not authorized to work in America.

This is an important development and surprising too. It is due to the fact that American Apparel had earned the reputation of advocating strongly for the immigration reforms. They run a ‘Legalize LA’ campaign that has evolved as an exquisite part of the culture of the company. The resources at the website of the American Apparel that deal with advertising and education reflects the commitment of the company towards raising the awareness with regard to immigration issues. The CEO of the company, Dov Charney could not hide his disappointment at the loss of such a huge chunk of employees. His grandparents had been immigrants to this land.

Written by srini on September 21st, 2009 with no comments.
Read more articles on Immigration News.