FDIC coverage explained
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The Federal Deposit Insurance Corporation (FDIC) insures deposits in banks and thrift institutions throughout the United States.
Headquartered in Washington, D.C., The FDIC oversees more than 5,000 banks and employs about 5,000 people.
The FDIC provides coverage for savings accounts, checking accounts, and other deposit accounts, as well as some retirement accounts, such as individual retirement accounts (IRAs).
Recently, FDIC insurance on deposit accounts was increased from $100,000 to $250,000 per depositor through December 31, 2009.
This increase on deposit accounts serves to ease some depositors’ concerns about potential loss of funds in these tough economic times.
Visit FDIC.gov to find out if your bank is an FDIC-insured institution.
Recommended reading: Recent FDIC changes and how they affect you
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