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Guarantees Unveiled: FDIC vs. SIPC Truths · Money In Motion with Klaas Financial

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And our phone lines are open for you right now. Six oh eight three
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two one thirteen ten. That's six soh eight three two one thirteen ten gets
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you on the air with our retirement planning professionals from Klass Financial join this week
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by CJ Closs and Malia Quavis. As mentioned, they come to us from
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Class Financial their website class financial dot com. That's Closs k l aa Sfinancial
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dot com. Telephon number for the office right here in Madison six so eight
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four four two five six three seven. No charge for the financial gets to
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know you appointment deck Loss Financial. It will be complimentary to you again.
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They're number six oh eight four four two five six three seven the number to
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get on the air this morning. Six oh eight three two one thirteen that's
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six so eight three two one thirteen ten gets you on the air with Malia
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and CJ. Without any further ado. By the way, CJ, how
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you doing this morning? I am doing great. It's a beautiful day outside.
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It is a fantastic day in spring. Is here? Malia? How
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are you doing? Very good? Happy to be here. It's great to
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have you both along and we've got an important conversation about the word guarantee.
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There used to be a Cajun chef at Justin Wilson. I think it was
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named I say I guar own tee you, And every time we went to
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the word guarantee, I still hear his voice, but a little bit different
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here. We're going to talk not about the cooking world. We're talking about
1:15
the financial world, and of course what that word guarantee means and what you
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should be understanding when you hear that when it comes to when it comes to
1:25
our conversation. So you're going to pay close attention to this week's program for
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a couple of reasons. One obviously some great information, but also a fantastic
1:32
opportunity to win a great prize. This week at a chance to win a
1:34
twenty five dollars gift card to Amazon from our friends at Class Financial with the
1:38
Class Quiz Question of the Week. A little tip about the Class Quiz Question
1:42
Week. Most of the time, just about every time the question and answer
1:45
come up during the program, so listen very closely because you'll get the question
1:49
answer get a leg up on the competition. A little bit later on the
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program when we do the Class Quiz Question Week before we get rolling on that
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word at conversation about guarantee, Let's actually take a look back at last week's
1:59
show and talk about the question. Get the question and answer from last week's
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claus Quiz question week get that as well. Yeah, so thanks for listening
2:07
everybody. Last week we had a conversation about how to find the right target
2:12
number for our future retirement savings. A lot of listeners for our question last
2:15
week, which was what is the maximum amount I can save into my four
2:21
oh one k planet work if I'm fifty five years old in twenty twenty four
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and the correct answer was from Marshall of Fitchburg correctly answered you can put away
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up to twenty three thousand and add up the catchup provision of another seventy five
2:39
hundred for a total of thirty thousand, five hundred. So congratulations to Marshall.
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Listen carefully today, Really good program last week as well. If you
2:49
missed that show, or if you miss any partner today's program, don't for
2:52
you can always listen back at klassfinancial dot com. That's Klaasfinancial dot com.
2:58
Subscribe to the subscribe to the podcast right online as well. While you're at
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the website, you can learn more about about COSS Financial. There's separate divisions
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you can learn more about the team. You can also sign up for the
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weekly Market Pulse newslas letter. It's a nice weekly email your receive snapshot of
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what's been going on the Market's also linked to the most recent podcast. Again
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that available to you at cossfinancial dot com. That's k l Aasfinancial dot com.
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Telephone numbers six oh eight four four two, five, six three seven.
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Don't forget no charge for that initial get to know your appointment tech Loss
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Financially will be complimentary to you again their number six oh eight four four two
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five six three seven. And to join us this morning on air. Love
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to have your question. All I got to do is dial in six oh
3:37
eight three two one thirteen ten. That's six soh eight three two one thirteen
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ten. And today we're gonna be talking about that word guarantee, which of
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course we all love hearing. Let's talk about what guarantee peoples they can look
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for or expect when it comes to money that we keep at our local banks.
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I see, of course, you walk into the bank and you see
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that FDIC sticker. Oftentimes, what exactly CJ does that gettee. Yeah,
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good question. You know, everyone wants typically the same thing. They want
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the greatest possible rate of return with no risk, and unfortunately that's not generally
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the way the world works. And we kind of know this intuitively. Right
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when you see somebody who's hyper successful, they've often sacrificed a lot to get
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there. Or an athlete who's you know, does some make something look very
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easy on maybe the basketball court, Often what you're not seeing is all the
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work that went into that. So we kind of know this intuitively, but
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we like to reject it mentally when it comes to our finances. Give me
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everything with no risk. Now, in the world of at least FDIC Federal
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Deposit Insurance Corporation, there there are some guarantees that we need to talk about.
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So that's where we're going to be focusing today. And this is a
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good time to clarify what types of guarantees are available for your money in banks,
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credit unions, and safety deposit boxes, because with election season right around
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the corner, often people will say, Hey, I want some security in
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some of my money, and we're going to talk about that today. So
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I already mentioned it, but let's begin with the basics. FDIC, Our
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industry of finance loves acronyms, so FDIC stands for Federal Deposit Insurance Corporation.
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They are an independent agency of the United States Government that protects you against the
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loss of your insured deposits if an FDIC insured bank or savings association fails.
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FDIC insurance is backed by the full faith and credit of the United States Government.
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Now, sometimes let me just pause on this point. Sometimes people will
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say, Hugh, they'll scoff at it, full faith and credit of the
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federal government. That's nothing. They have so much debt, they don't know
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what they're doing. I get that. I appreciate people who say that,
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But my comment to you would be globally, the United States government is the
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most secure lending institution in the world, significantly more secure than your bank or
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credit union. Now you may have difficulty with that statement, but it's actually
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a statement of fact. There's no other government in the world that is considered
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more faithful than the United States Government. Again, some people are so angry
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at what I'm saying right now, but these are actually statements of fact,
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and it's proven by the fact that when our government issues bonds of us US
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government bonds that they are immediately bought up by the world, by everybody in
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the world they want to own them. Okay, that's a tangent that we
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could go down for a whole show. But the second point here would be
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the FDIC was created in nineteen thirty three in response to the thousands of bank
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failures that occurred in the nineteen twenties and early nineteen thirties, by the way,
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that's known as the Great Depression. And since the start of FDIC insurance
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on January first of nineteen thirty four, no depositor has lost a single sense
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of insured funds because of a failure. Now, notice I emphasize the word
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insured funds. There are plenty of people who have lost money at banks due
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to a bank failure, but it's because they had more than the insured limit
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at that bank. Listen, we're going to be talking about this a little
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bit more later. But we have seen bank failures as recently as a few
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months ago in Silicon Valley Bank known as SVB, and if people were under
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the FDIC limits, they were fine. If they were over they were not.
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So Federal Deposit Insurance currently covers an individual investor of a failed FDIC insured
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depository institution dollar for dollar, and this is principal plus any interest accrued to
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the depositor through the date of default up to two hundred and fifty thousand dollars.
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So that whole statement that I gave up to two hundred and fifty thousand
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dollars. Now, interestingly enough, prior to two thousand and eight, which
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was subprime lending crisis, the eight crash of the market. So prior to
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two thousand and eight, FDIC coverage was only up to one hundred thousand dollars
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per per depositor. This was permanently increased up to two hundred and fifty thousand
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dollars in two thousand and ten because of again that that two thousand and eight
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crisis. Interesting to no, Oh, go ahead, John is going to
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say, just as we're getting really interesting stuff from CJ and Malia this morning,
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retirement planning professionals just wanted to mention, of course, if you've got
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a question, love to have you on with us. Six eight three two
8:31
one thirteen ten. That's six eight three two one thirteen ten. The website
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for COSS Financial, It's cossfinancial dot com. That's Klaas Financial dot Com and
8:41
their telephone number four four two five six three seven. No charge for the
8:43
initial gets to know you appointment TCH Loss Financial. It will be complementary to
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you. Sorry about that, CJ. You were talking about a little bit
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about FDIC insurance. You have to apply for that or how does that work?
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Yeah? Good question. So depositors do not need to apply for FDIC
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insurance. Ridge is automatic whenever a deposit account is open to add an FDIC
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insured bank. Now at an FDIC insured bank in a moment. I know
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some of you are listening right now, going whoa, WHOA, WHOA.
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What about I'm at a credit union. Malia will be talking about that shortly.
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But you know, again, these coverage limits, it's we try to
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make it simple, two hundred and fifty thousand dollars per depositor, but it
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actually gets more complicated when you get down in the weeds. So if you
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want your funds ensured by the FDIC, you just simply make sure you are
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placing your funds in a deposited account at an FDIC insured bank and that your
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deposit does not exceed the insurance limit for that ownership category. So we're going
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to talk about ownership categories here in a moment to ensure funds are fully protected,
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depositors should understand those coverage limits. Again, the FDIC provides separate coverage
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for deposits held in different ownership categories. So the coverage limits for single accounts.
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Think, I open up a bank account in my name only, owned
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by me only, that's that two hundred and fifty thousand dollars. But of
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course, what if I have a joint account with my spouse And the answer
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would be, well, that's two hundred and fifty thousand dollars per co owner,
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so that would be five hundred thousand between my spouse and I. And
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then of course what if I have an IRA or roth IRA, Well that's
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a separate two hundred and fifty thousand dollars limit. And then what if I
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have a revocable trust that has you know, five different beneficiaries associated on it,
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Well that's two hundred and fifty thousand dollars per beneficiary up to a maximum
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of five beneficiaries. So you get the point. It's simple in concept,
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but then when you start thinking about the different types of accounts that you can
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open up at banks, it starts to get a little bit more convoluted.
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So as of the end of twenty twenty three, there were four thousand,
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four hundred and seventy FDIC ensured commercial banks in the United States. There have
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been five hundred and sixty six bank failures from two thousand and one to twenty
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twenty three, So that twenty two year timeframe, there have been five hundred
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and sixty six bank failures. Now, do realize that three hundred and twenty
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two of those five hundred and sixty six bank failures occurred between in two years
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between two thousand and eight and twenty ten. Wellcaues it's three years over that
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time of cycle. So just you know, realize a huge chunk of banks
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failed during the subprime lending crisis. People don't realize just how insane bank failures
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were at that time. But here's the key. You want to know if
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your bank offers FDIC insurance, you want to know that you are under those
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limits. One thing we say here at our firm is if you're going to
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have safe money at the bank, make sure it's actually safe. The ultimate
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kind of like I know you like the Simpsons, uhu sean the ultimate dope
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moment is when you put money in a safe location only to find out that
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it wasn't safe. So just make sure you are keeping your deposits under those
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limits. Great guidance, great information, and I learned a bunch of new
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stuff too as we've been talking with CJ and Malia this morning, our retirement
12:03
planning professionals from Class Financial. I hope you're learning stuff as well. If
12:07
you've got a question, you could always call in love to have you join
12:09
us this morning. Gets you on the air with CJ Colss and Malia Quavis,
12:13
our retirement planning professionals from Class Financial. To get on the area,
12:16
all you gotta do is call the station six oh eight three two one thirteen
12:18
ten. That's six so eight three two one thirteen ten gets you on the
12:22
air with Malia and CJ. Grovigate. You can learn more about Class Financial
12:26
on their website COSS Financial dot com. That's k l aa S Financial dot
12:31
com and the telephone number six O eight four four two five six three seven
12:35
No charge for the ininancial get to know you appointment at COSS Financial eight will
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be complimentary to you again. Their number six oh eight four four two five
12:41
six three seven the website COSS Financial dot com that's k l aa s financial
12:46
dot com. We'll take more of your calls and questions. We'll talk about
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as you heard CJ mention, what about credit unions? Malia will give us
12:54
the details on that. We'll do that. Get your call next as well
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as Money in Motion with COSS Financial continues right here on thirteen WIV eight,
13:05
and our phone lines are open for you right now at six oh eight three
13:07
two one thirteen ten. That's six soh eight three two one thirteen ten.
13:11
If you have questions for our retirement planning professionals from Class Financial don't forget.
13:16
You can learn more about Class Financial on their website class financial dot com.
13:20
That's k l a a s financial dot Com. There tell phone number six
13:24
oh eight four four two five six three seven. No charge for that initial
13:28
get to know you appoyment at COSS Financial. It will be uh complementary to
13:33
you again, they're number six oh eight four four two five six three seven.
13:37
I was gonna say it will be beneficial. It will be beneficial to
13:39
you as well, but also complementary and h Joining us this morning is David.
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David. Welcome to the program. You're on the air with CJ.
13:46
Coss and Willie Equavis of Colass Financial. Thank you. My question is if
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you have a joint account and three beneficiaries, do you still have that insurance
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for five members? No, great question, David, joint accounts. Joint
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accounts are only by ownership. So if you had a joint tenants it's called
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joint tenants account where you had three different, separately equal ownership units, then
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you could end up getting two fifty per ownership unit. But the beneficiaries don't
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come into play on joint accounts. Where it does come into plays on trust
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accounts where with a trust again similar concept with a trust, I could have
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a trust account that has beneficiaries of that trust are multiple people that so then
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it could be up to five people. So think of like a joint tenants
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account where you have five owners. You could have up to five owners that
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are two hundred and fifty thousand per person, but it's not based on the
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transfer on death beneficiaries of that account. Am I making sense? David?
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Did you understand that distinguishing factor? I have a follow up question, sure,
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Does the same fdi CE rules apply to the credit union insurance? Well?
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Stay on the line after we finish the section with you, because Malia
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is just about to cover that section right now. It's called NCUA, when
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she'll be getting into that right now. Really good question, Dave, David,
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thank you for the call. And if you've got a question that you
15:28
could be like David gets you on the E RECJ class and Malia Quavis subclass
15:31
financial And speaking of Malia, when it comes to credit unions, Let's say
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I have my money at a credit union versus a bank, an he guarantees
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there we should be aware of. Yeah, so a great, great question
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today on that. And many people do choose to use their local credit unions
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because, to be honest, many of them are friendlier. Let's just start
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here. We have a lot of clients who enjoy working with bank accounts or
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i should saydit union accounts in their local credit unions, so many of them
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do actually offer a guarantee. In fact, ninety eight percent of all credit
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unions in the United States are backed by the National Credit Union Share Insurance Fund
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that's another mouthful NCU SIF or also known as NCUA, which is administered by
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the National Credit Union Administration. So those deposits of members are covered similar to
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FDIC but different up to two hundred and fifty thousand dollars of insurance as long
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as the credit union is federally insured and the insurance is actually backed by the
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participants of the federal credit unions of how it is provided, so again backed
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by full faith credit in the United States, and credit unions members are proud
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to say they've never lost a penny of the shured savings. So so really
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what you should do is make sure your credit union, even though I said
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ninety eight percent are are covered. Make sure your credit union is a member,
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and again they will be displaying that official NCU SIF insurance sign in their
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offices. However, you can go to the website NCUA dot gov and make
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sure your credit union is on there. But as CJ mentioned, you know,
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similar to FDIC, that that coverage is limited per depositor, per insured
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credit union for each ownership category, and you do want to keep track of
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that. Sometimes people lose sight of how much they are keeping in their accounts,
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so you want to make sure you're covered and ensured if that's your purpose.
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Now, another point we're going to bring up a little more detail in
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a few minutes is to remember that either FDIC and NCUA with the credit unions,
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that insurance does not cover funds held in an investments such as stocks,
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bonds, mutual funds, life insurance policies, annuities, or even municipal securities
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even if they were purchased from these insured banks, those are not covered,
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So you want to understand the difference, and we'll dig into that in a
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minute. But again, when we look at how many insured credit unions are
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out there, it's quite a few. As of June thirtieth, twenty twenty
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three, there was four thousand, six hundred and eighty six here in our
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country and they serve more than one hundred and thirty seven million members. So
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just make sure you know what your limits are and per account, and make
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sure that your credit union is part of the association. Just fascinating stuff as
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always from our retirement planning professionals from Class Financial, Maleia Quavis and Cjclass their
18:48
website Class financial dot com. That's klaasfinancial dot com. Great website'vem checked it
18:53
out recently. Definitely head on over there. You can learn more about Class
18:56
Financial. There's separate divisions. You can also sign for the weekly Market Pulse
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newsletter. Again that available to you at clossfinancial dot com. They're telephone number
19:04
six oh eight four four two five six three seven, no charge for that.
19:08
Initiate to know you Appoyment deck Class Financial eight will be complimentary to you.
19:12
Again, they're number six oh eight four four two fifty six thirty seven.
19:15
And to get on the air this morning six so eight three two one
19:18
thirteen ten. That's six soh eight three two one thirteen ten. Yeah.
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What about investments? Are there guarantees available then for my retirement accounts or after
19:27
tax investment accounts? CJ. Good question. Yeah, so Malia kind of
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hinted at this, and often this is why when you walk into banks or
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credit unions they do often have different departments. They have kind of the the
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bank lending and depository side, and then there's what they would call like a
19:45
Chinese wall between them and and their investment department. Now, actually Chinese wall
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isn't the right terminology. That's more in the investment banking world, but it's
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this idea that hey, when you walk across this line into our wealth management
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department, moving out of the bank deposit guarantee section and into the market risk
20:06
kind of CIPIC section. So most people have seen the signs on financial institutions
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which say CIPPIC or SIPC, which stands for the Securities Investors Protection Corporation.
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Now, often what people think is oh, great, okay, so it's
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just another form of like FDIC, and I'm good. And if I put
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my money in the bank wealth management department and you know, I lose money
20:26
there, then I can just get my money back. No, no,
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no, no, no no Again. There's a reason why you have to
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clearly understand the line when you're going into the world of securities, because if
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you think about it through this lens, what is the risk of my money
20:41
in a bank savings account? And the answer would be, well, bank
20:47
failure would be a risk. But if your bank is part of FDIC,
20:49
as we just found out, and you're in the insured category, then at
20:53
least the FDIC will cover you. And then the secondary risk of your bank
20:57
deposits is of course what we shud all no inflation, right, If you
21:02
don't earn enough to beat inflation, then you're losing purchasing power. So often
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people say, good point, CJ. I'm going to jump to the security
21:08
side of the business and stocks and bonds and derivatives and all kinds of interesting
21:14
products, you know, cryptocurrencies and fun fun things like that. Well,
21:18
now you're taking on a very different risk. Right now, you have principal
21:23
loss risk. And this is just I cannot emphasize this enough to those people
21:27
who are listening out there. When you take on more risk, you have
21:32
the potential for greater gain, but it is the potential for greater gain.
21:37
And that additional risk that I'm talking about is the risk of complete loss,
21:42
right at least in a bank deposit. I put it in there, and
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I know that, hey, if markets go haywire, or even even if
21:49
the bank fails, I'm ensure it up to two hundred fifty thousand dollars.
21:52
But as soon as you go to the investment side of the industry, it's
21:56
a very different world. So cipis answer for Securities Investor Protection Corporation. Of
22:02
course, the question is what do they offer? So little background first,
22:06
ZIPPE came into being in the late nineteen sixties because of very high trading volume
22:10
accompanied by steep declines of stock prices. During that time, there were many
22:15
broker dealers that had merged or went out of business and couldn't meet obligations to
22:19
customers and went bankrupt. Hence, public confidence in the US securities markets was
22:26
tenuous. Now, as a result of the kind of extreme times, Congress
22:30
passed the Securities Investors Protection Act of nineteen seventy with the purpose of protecting customers
22:37
against certain types of loss resulting from broker dealer failure and to promote investor confidence
22:45
in the markets. Now, notice I didn't say to guarantee your money against
22:49
loss. That's not what we're saying. It is to protect you against certain
22:55
types of losses resulting from broker dealer failures. Bottom line, if your brokerage
23:00
firm goes out of business and is a member of the SIPC, then your
23:06
cash and securities held by the brokerage firm may be protected up to five hundred
23:10
thousand per account per brokerage firm, and up to two hundred fifty thousand of
23:15
that being in cash. Kind of like the FDIC insurance, CIPIC insurance coverage
23:22
covers most types of security, stocks, bonds, and mutual funds. If
23:26
a CIPIC member becomes insolvent, CIPIK will ask a court to appoint a trustee
23:32
to supervise the firm's liquidation and to process investor claims. An example of this
23:37
was actually seen in the Bernie Madoff situation, and as of the end of
23:42
twenty twenty, the trustee for the Bernie Madoff Investment Securities LLC Corporation, the
23:48
kind of liquidation process had recovered fourteen point four billion and distributed nearly thirteen point
23:56
nine billion two investors through that kind of organized process to try to protect people
24:02
from the loss of Bernie Madoff. However, CIPPIIC does not protect you against
24:07
lost caused by a decline in the market value of your securities. You know,
24:15
like full stop CIPIC does not protect you against losses caused by a decline
24:22
in the market value of your securities, nor does it offer protection from investment
24:26
contracts not registered with the SEC. So listen, this is where a lot
24:32
of people get confused. They say, well, certain types of losses SIPC
24:34
covers and so, you know, my stocks went down, and so I'm
24:38
going to hire a lawyer and sue my broker or sue my advisor because the
24:41
market went down. Yeah, that's not the way it works. No,
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it would be fraudulent if there was some sort of fraudulent protection then SIPC COU
24:51
could jump in, or if a broker dealer failed and you need to just
24:55
reclaim your securities or assets, then that could kick in. But it is
25:00
not for market volatility, which is which is part of what you get when
25:03
you invest in securities. Talking this morning with CJ. Closs and Malia Quavis.
25:08
They are our retirement planning professionals from Class Financial. Their website class financial
25:14
dot com. That's coss k l aa S financial dot com. Great website
25:18
and resource to learn more about Class Financial. Also a chance there to subscribe
25:22
to the podcast and sign up for the weekly Market Pulse newsletter. I got
25:25
that available to you at Cossfinancial dot com. They're telephone number six oh eight
25:29
four four two five six three seven. No charge for that initial get to
25:32
know your appointment Tech Loss Financial. It will be complementary to you again their
25:36
number six oh eight four four two five six three seven. We'll wrap things
25:41
up. We'll get to the class quiz question the week. We'll talk a
25:42
little bit more about things covered and not covered by FDIC insurance with the details
25:47
from Cgenmalia. We will do that. Next, has money in motion with
25:51
Coss Financial continues right here on thirteen ten wib A talking guarantees this week with
25:57
our retirement planning professions from Class Financial, CJ. Closs and Malia Quavis fam
26:03
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you at coss Financial dot com. That's k l a as Financial dot com.
26:37
Art telph number six oh eight four four two five six three seven.
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No charge for that initial gets to know you appointment ach Class Financial. It
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will be complimentary to you again that number six oh eight four four two five
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six three seven. So are there other things, Malia? We should be
26:52
aware of them that are not covered when it comes to FDIC insurance, Yeah,
26:57
there are. And so as we said, I think everyone's clear.
27:02
Now, your stocks, bonds, mutual funds are not covered by FDIC insurance,
27:07
and neither are crypto assets, and neither are believe it or not,
27:11
safety deposit box or the contents that are in those safety deposit boxes. And
27:15
I understand where there's confusion there because I would feel like if I'm putting something
27:21
in a safety deposit box within an FDIC insured bank, I would maybe naturally
27:26
think, well, it's covered. I mean, whatever I put in there
27:30
is going to be covered, and actually that's not the case. So you
27:33
really need to understand that you're really better off putting any cash deposits into a
27:40
bank deposit in an FDIC insured bank versus just sticking it in the safety deposit
27:45
box because you are not covered by the FDIC insurance because by law, the
27:52
FDIC only ensures those deposits in deposit accounts that insured institutions, and only in
27:57
the rare instances of a bank might fail. So remember that a safety deposit
28:03
box is not a deposit account, it's just provided space by the bank.
28:08
So we would suggest that you look carefully at what you do keep in those
28:12
safety deposit boxes. Some candidates for that might include, you know, some
28:17
key documents such as birth certificates, property deeds, maybe car titles, and
28:22
US savings bonds if you have not converted them into electronics securities at this point,
28:30
our suggestion would be work with your financial advisor or your bank to get
28:34
those savings bonds converted into electronics securities, because that probably really is the safest
28:41
place for them to remain. Other possibilities you might put put in your safety
28:45
deposit box might be you know, keepsakes, pictures, videos of your homes,
28:51
homes, contents for insurance purposes, and irreplaceable photos. Some people will
28:56
put their wills in there, and other important state planning documents. Again,
29:00
we would suggest you have electronic copy copies for yourself, maybe with your financial
29:07
advisor, your attorney, so there's more than just a physical copy. And
29:12
I think what's important too, a lot of people like to keep a certain
29:17
amount of cash at their house, and I just want people to remember that
29:22
you're generally your property. Your home insurance that you have on your house is
29:26
only going to cover perhaps two to three hundred dollars worth of actual cash.
29:33
So that many people think, well, I've got property coverage and I've got
29:36
personal coverage under that homeowners and actually cash falls into the category that it's just
29:42
a few hundred dollars that's covered. So if there was a fire in your
29:45
house and you happen to have thousands of dollars, those those dollars would not
29:51
be covered. So really important to understand what is covered, what is insured,
29:56
and best places to put those important documents or those important dollars place for
30:03
everything and everything in its place. This morning with CJ. Coloss and Malia
30:06
Quavis, our retirement planning professionals from Class Financial. Learn more online their website
30:11
Coss Financial dot com. That's k l Aasfinancial dot com. Great website.
30:15
Their telephone number six oh eight four four two five six three seven. No
30:21
charge for that initial gets to know you appointment Ach Claus Financial. It will
30:23
be complementary to you again the number six oh eight four four two five six
30:26
three seven. Want to hold on to that number because now it's time also
30:30
for the COSS Quiz Question of the Week. It works like this, In
30:33
just a moment, I'll ask you the CLSs Quiz question the Week. You
30:34
will then have thirty minutes from the Today's program to call the Class Financial Office
30:37
right Aaron Madison at six oh eight four four two five six three seven.
30:41
If you are the first call with correct answer to win this week's prize,
30:44
which is a twenty five dollars gift card to Amazon. This week's Coss Quiz
30:48
question the week is this, What is the maximum amount that FDIC Insurance will
30:55
cover for a single depositor account? Is it one hundred and fifty thousand dollars
31:00
or up to two hundred and fifty thousand dollars? Telephone number six O eight
31:04
four four two five six three seven. First call correct answer win that twenty
31:07
five dollars gift card to Amazon. No forget as well. That's COSS Financials
31:11
Office right here in Madison their number six oh eight four four two five six
31:15
three seven. And the website COSS financial dot com. That's k l a
31:19
A S Financial dot com. Cjmalia. It's always a joy hanging out you
31:22
guys. Enjoy this most beautiful of days. Thanks Sean. News comes your
31:26
way next here on thirteen ten. Wib A