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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
Extra Tip on... Buying a Bank CD from a Broker
Brokers sometimes can negotiate a higher interest rate on bank-issued certificates of deposit, and these can be good investments. However, broker-sold CDs can be complex and may carry more risks than CDs sold directly by banks. Examples: Your ability to lock in a good interest rate for a long time is restricted if the bank can "call" (redeem) the broker-sold CD early. Also, if you need to withdraw the CD prematurely, under some circumstances, the broker might sell your CD at a loss. Excerpted from "Should You Buy a Bank CD from a Broker?," Fall 2000.
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