Billions in tax deposits uninsured
State, local accounts secured, so loss unlikely
Thursday, July 31, 2008 3:22 AM
By Bill Bush
THE COLUMBUS DISPATCH
Your bank account is insured up to $100,000, but you still have a lot at stake in the event of a major failure: hundreds of billions of state and local tax dollars in accounts nationwide that are not insured by the Federal Deposit Insurance Corp.
Losses aren't likely, says a state official, but government treasurers are keeping a close eye on the funds.
Franklin County currently has $300 million of taxpayer money in banks; the city of Columbus easily has tens of millions; and local school districts hundreds of millions more, officials said.