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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
FDIC Insurance: What's New, What's Not
What's New: As reported in the April 2006 FDIC Consumer News Special Bulletin, FDIC insurance for certain retirement deposits has increased to $250,000 from $100,000 previously. The higher coverage, the result of a new law, applies to the combined total that a consumer has at any one banking institution in Individual Retirement Accounts (both traditional and Roth IRAs), self-directed Keogh accounts, "457 Plan" accounts for state government employees, and employer-sponsored "defined contribution plan" accounts that are self-directed, which are primarily 401(k) accounts. In general, self-directed means that the consumer chooses how and where the money is deposited.
What's Not: The basic insurance coverage for other deposit accounts remains at $100,000 per depositor. However, as before, there are ways to qualify for more than the basic coverage.
To learn more, see the Special Bulletin online at www.fdic.gov/consumernews or consult the FDIC.
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