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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... Who Covers Losses from Fraud
Consumers often ask the FDIC whether federal deposit insurance covers losses caused by fraud or robbery. By law, the FDIC only protects insured deposits if a banking institution fails. However, banks and other financial institutions typically purchase special private insurance policies to cover losses from criminal acts. Federal and state laws also may limit a consumer's losses due to fraud. Excerpted from "Does the FDIC Cover Losses Due to Fraud?," Spring 2003.
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