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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... "Lost" Bank Accounts
If you ever find evidence of an old account or safe deposit box and you're not sure what to make of it, you can turn to the FDIC ("For More Information") for direction, including information about whether the banking institution is open, closed or operating under a different name. In most cases, there is no treasure waiting to be claimed because the original owners withdrew the money or cleaned out the safe deposit box long ago. So, for the benefit of your heirs, make it clear in your records if an account has been closed.
Excerpted from "You Find Proof of an Account or Safe Deposit Box: Treasure or Trash?," Spring 2002.
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