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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: Do You Know As Much As You Think You Know?
The FDIC "brand name" is one of the most highly recognized in America. After all, we've been protecting consumers and their savings at banking institutions for more than 70 years. While most people also have a pretty good idea about how FDIC coverage works, we know from the many thousands of calls and letters received each year — including recent ones about the new insurance rules for retirement accounts (see FDIC Insurance: What's New, What's Not) — that a surprisingly large number of consumers have potentially costly misconceptions about deposit insurance.
"The biggest concern is that some depositors who believe that all their funds are insured may inadvertently have some money over the insurance limits and risk losing it if their bank fails," said Kathleen Nagle, chief of the Deposit Insurance Section in the FDIC's Division of Supervision and Consumer Protection.
How much do you know about FDIC insurance? To find out, keep reading.
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