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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
Setting the Record Straight about FDIC Insurance
We've learned that there are misperceptions about how FDIC insurance works. To set the record straight, here are some basic facts:
- If you have $100,000 or less in an FDIC-insured institution, you are always fully protected.
- Depositors can have more than $100,00 in an institution and still be fully insured by the FDIC if the funds are in different account categories — single, joint, IRAs, and other categories as described in the FDIC regulations.
- Most depositors have access to all of their insured funds within one business day after a bank failure.
- Depositors who have money over the insurance limit in a failed institution may receive some portion of their uninsured funds after the FDIC sells the institution's assets and determines how much money, by law, is available to pay uninsured depositors.
Excerpted from "Special Report: Are You Sure You're Fully Insured?,"
Fall 2001
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