Changes in FDIC Deposit Insurance Coverage
August
26, 2009
The FDIC extended its temporary Transaction Account Guarantee Program
through June 30, 2010. This program provides depositors with unlimited
coverage for noninterest-bearing transaction accounts at participating
FDIC-insured institutions. The unlimited coverage applies to all personal
and business checking deposit accounts that do not earn interest (including
Demand Deposit (DDA) accounts), low-interest NOW accounts (NOW accounts
that cannot earn more than 0.5% interest), Official Items, and IOLTA accounts.
For more information, visit: http://www.fdic.gov/news/news/financial/2009/fil09048.html
May 20, 2009
Deposits at FDIC-insured institutions are now insured up to at least
$250,000 per depositor through December 31, 2013. On January 1, 2014,
the standard insurance amount will return to $100,000 per depositor for
all account categories except for IRAs and other certain retirement accounts
(including IRAs) which will remain at $250,000 per depositor. (This supersedes
the October 3, 2008 changes.)
For more information visit: http://www.fdic.gov/news/news/financial/2009/fil09022.html
October 14, 2008
FDIC announced its temporary Transaction Account Guarantee Program,
which provides full coverage for noninterest-bearing transaction deposit
accounts at FDIC-insured institutions that agree to participate in the
program. The transaction account guarantee applies to all personal and
business checking
deposit accounts that do not earn interest at participating institutions.
This unlimited insurance coverage is temporary and will remain in effect
for participating institutions through December 31, 2009.
For more information visit:
October 3, 2008
Deposits at FDIC-insured institutions are insured up to at least
$250,000 per depositor until December 31, 2009. On January 1, 2010, FDIC deposit
insurance for all deposit accounts—except for certain retirement accounts—will
return to at least $100,000 per depositor. Insurance coverage for certain
retirement accounts, which include all IRA deposit accounts, was increased
permanently to $250,000 per depositor in 2006.
For more information visit: http://www.fdic.gov/news/news/financial/2008/fil08102.html
September 26, 2008
The FDIC has simplified its rules
for the insurance coverage of revocable trust accounts. The new rules
provide at least as much coverage as the former rules, and are not subject
to the expiration
dates referenced above.
Read more about this change at: http://www.fdic.gov/news/news/financial/2008/fil08099.html.
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