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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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Winter 2003/2004
Test Your Deposit Insurance IQ
4. If you picked "True" you are correct.
You may qualify for more than $100,000 in coverage at one insured institution if you own deposit accounts in different ownership categories as defined by the FDIC. The most common ownership categories are single, retirement, joint and revocable trust accounts (those refer to trust accounts in which the owner retains full control over the money during his or her lifetime). Your deposits in each of those categories are separately insured to $100,000. If certain conditions are met, your revocable trust accounts are insured up to $100,000 for each beneficiary. For more details, consult the FDIC resources noted in "How did you do?"
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