FDIC Insurance Changes

FDIC Temporarily Increases Coverage

On October 3, 2008, federal deposit insurance coverage was raised from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective as part of the Emergency Economic Stabilization Act of 2008. See below for further details.

Since October 3, 2008: The Federal Deposit Insurance Corporation (FDIC) announced that deposits at FDIC-insured banks and institutions are now insured up to at least $250,000 per depositor until December 31, 2009. This is a sizeable increase from the previous level of $100,000 per depositor that was in place previously.

After December 31, 2009: On January 1, 2010, FDIC deposit insurance for all deposit accounts, with the exception of certain retirement accounts, will return to at least $100,000 per depositor. Insurance coverage for the aforementioned retirement accounts, was increased permanently to $250,000 per depositor back in 2006.

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Posted in Banking, Personal Finance

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