Remember that odd email we mentioned from Citigroup about unlimited deposit insurance for all checking customers? We couldn’t figure out at what it meant, and perhaps Citigroup customer relations realised it was causing some confusion. So this morning we received a helpful clarification, if you could call it that
Dear JOSEPH WEISENTHAL,
We previously communicated that through December 31, 2009 all of your non-interest and interest bearing checking deposit account balances are fully guaranteed by the FDIC for the entire amount in your account.*
We wanted to send a clarification as to why your interest bearing checking accounts at Citibank are and will continue to be covered to an unlimited extent through December 31, 2009. Citibank interest checking accounts are classified as Negotiable Order of Withdrawal (NOW) accounts and will pay an interest rate within the guidelines set by the FDIC through December 31, 2009. These features qualify your Citibank Interest Checking Accounts for current and continuing coverage with unlimited insurance under the Transaction Account Guarantee Program.
To learn more about FDIC insurance, visit the agency’s web site at www.fdic.gov or call a Citibank representative at 1-888-CITIBANK. You may also call the FDIC at 877-ASKFDIC (877-275-3342) or TDD 800-925-4618.
Glad they cleared that right up.
Disclosure: Given the millions and millions we keep in our Citibank checking account, we heartily support any efforts to increase deposit insurance.
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