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FDIC Consumer News
Important Update: FDIC Insurance Coverage Increased in Late 2008
In the fall of 2008, Congress temporarily increased the basic FDIC insurance coverage limit from $100,000 to $250,000 through December 31, 2009. In addition, the FDIC simplified the rules for the calculation of deposit insurance coverage for revocable trust deposits, including an expanded definition of the "eligible beneficiaries" for additional insurance coverage. As a result, certain previously published information related to FDIC insurance may not reflect the current insurance coverage. For more information, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday, 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.
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Special 10th Anniversary Edition - Fall 2003
Extra Tip on... Throwing Away Old Bank Records
You know that bank records, such as statements, credit card bills and canceled checks, can come in handy. But you may be saving some too long and others not long enough. It's important for you, perhaps after talking with your accountant or attorney, to develop a plan for managing all this paperwork. Example: Canceled checks with no long-term significance for tax or other purposes probably can be destroyed after about a year, but those that support tax returns, such as charitable contributions or tax payments, probably should be held for at least seven years.
Excerpted from "Your Bank Records: What to Keep, What to Toss, and When," Fall 2002.
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