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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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Spring 2006
Do-It-Yourself Deposit Insurance Calculator More User-Friendly
Since 1998, the FDIC's Web site has featured an interactive calculator that consumers can use to quickly and easily figure out whether deposits at an FDIC-insured institution are within the insurance limit. The FDIC in February 2006 introduced a new version of the Electronic Deposit Insurance Estimator (EDIE) for consumers that is more user-friendly and has more options than the original.
For example, the new EDIE features a much simpler process for entering account information. "Before, to accurately analyze your insurance coverage, you needed to know how your accounts fit into specific FDIC insurance categories," explained Kathleen Nagle, chief of the FDIC's Deposit Insurance Section. "Now, based on your answers to some simple questions, EDIE will intuitively place your account information into the appropriate insurance category."
Also, EDIE now handles insurance calculations for business accounts (such as those for corporations and not-for-profit organizations) and certain "living trust" accounts.
To find EDIE on the Web, go to www2.fdic.gov/edie. (Note to bankers: The FDIC has a special edition of EDIE for your use in helping customers estimate their insurance coverage.)
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