Bonding Agency Offers Bank Customers Deposit Protection as Feds Abandon Unlimited FDIC Insurance
Houston, TX, January 09, 2013 --(PR.com
)-- Surety Advisors, LLC, an independent bonding and insurance agency, is offering private excess deposit insurance as an alternative replacement to the unlimited FDIC deposit protection instituted during the global financial crisis, renewed under Dodd-Frank and discontinued December 31, 2012.
J. Mark Strange, President of Surety Advisors, LLC says "It is estimated over $1 trillion in Deposits are affected. The product we offer has actually existed since the early 1900’s, but has gained renewed interest with the reduced FDIC coverage back to 2007 levels."
The product is a type of surety bond issued to guarantee a bank’s customer’s deposits in excess of the current FDIC limits (250,000 per account). The security rating of the bonding company is AA (very strong) by Standard & Poors and A+ (superior) by A.M. Best Company.
Government agencies and bankruptcy trustees are the largest two customer groups requesting this product from banks. It is anticipated that banks will also hear requests from large businesses and private clients as well.