Las Vegas Woman Learns Hard Lesson on FDIC Insurance - 8 News NOW

Edward Lawrence, Reporter

Las Vegas Woman Learns Hard Lesson on FDIC Insurance

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In the past year, 13 banks around the country, including two in Nevada have closed leaving many people's bank accounts vulnerable.

When most people see the Federal Deposit Insurance Corporation, or FDIC sign posted on a bank, they think their money is protected and that is true to a point.

Eyewitness News met one woman who thought the same but realized that people need understand the fine print to truly protect their savings.

FDIC - Are My Deposits Insured?

Debbie Ingham found out the hard way. "They are bailing out billions and billions to bail out corporations, but when the little guy that has worked hard their whole life long and trying to prepare for their future, they are wiping them out," Ingham said.

Ingham works as a bus aid, taking special needs kids to school. She and her husband bought a home when they first moved to Las Vegas. Before the housing bubble burst, they sold, making more money than they've ever see in their life.

Immediately Ingham put the money in Silver State Bank.

"I knew there was a $100,000 insurance under FDIC, so I split it into two accounts. One large and one smaller one." On September 5th, with no warning, the bank went under and the federal government took over.

When Ingham went to check on her money, FDIC regulators had added her two accounts together and told her she lost more than $20,000 for being over the insurance limit.

"When you see that big 'insured by the FDIC' board at the bank, where does it say in small print, but if you have multiple accounts that add up to $100,000, sorry Charlie, you lose."

Karen Tyler says there are technicalities. She works as a state securities regulator. "It's based on the way the account is owned," said Karen Tyler, North American Securities Administrators.

Because Ingham was the only name on each account, it's added up.

"I am furious. I am sick about it. I am ready to close it all out and put the money in the mattress," she said. She feels the bankers let her down and others need to know to check their own accounts before their money is lost even in the most trusted places.

The FDIC told Ingham to fill out a form. If any Silver State assets are sold, she will get some of her money back. It could take years and she may never see all of it.

To be covered, FDIC regulators say if a husband and wife have a joint account, it is insured up to $100,000 dollars. If they have more than $100,000, they should each have individual accounts to assure coverage. Multiple accounts, including CD's, with the same names at the same bank will be added together and only covered to $100,000.

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