10.03.08

08.21.08

12.12.07

New FDIC Insurance Limits Effective October 31st, 2008

On October 3, 2008, Congress passed legislation that authorized a temporary increase to the FDIC deposit insurance from $100,000 to $250,000 per depositor per bank through December 31, 2009. There is no need for depositors to apply for FDIC insurance or even to request it – coverage is automatic.

This change impacts the amount of FDIC coverage provided for client balances in the Bank Deposit Sweep. The chart below shows the amount of FDIC insurance coverage based on the type of account:

• Single $250,000
• Joint $500,000 (based on 2 co-owners)
• IRAs $250,000 (including ROTHs)
• Trust $250,000

Deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at their bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met. Additional information is available on http://www.fdic.gov under "Are my deposits insured?" 

News! News! Important News! We have moved the office to a newer, bigger office building. Our new address is:

14 Computer Drive East, Albany, NY 12205

Our phone number is the same, the people are the same. Our new location is down the road closer to Colonie Center behind the DeNooyer Chevrolet car dealer which is on the corner of Wolf Road and Computer Drive East.

Our clearing firm, First Clearing (FCC), has indicated that they will be requesting a 1099 mailing extension again this year. The extension should significantly reduce amendment mailings to clients. As a result, client 1099 forms are expected around 2/15/2008. Several times during the past few years, FCC has received amended tax information from mutual fund, UIT, REIT, and closed-end bond fund companies causing multiple 1099 amendment mailings to our clients. Please plan accordingly when filing your tax return if you expect to receive a 1099 this year from us.