From $100k to $250K

FDIC Increase Bank Insured Amounts

By Up Close and Personal

The Federal Depist Insurance Corporation (FDIC) is an independent agency of the Unites States governument that protects your deposit in the event that an FDIC insured bank fails.   The FDIC insures the balance held in various types of consumer and business deposit accounts (e.g. checking, saving, money market and certificates of deposit). Check to see if your bank is a member of the FDIC.

New FDIC Coverage Amounts

As part of the big Bail Out, on October 3, 2008, the U.S. Congress approved an increase in FDIC coverage to up to $250,000 per depositor, per institution until December 31, 2009.  it is possible to qualify for more than $250,000 in FDIC coverage at the same insured institution if you have deposit accounts in different ownership categories such as single accounts, join accounts, Individual Retirement Accounts (IRAs) and trust accounts. AAditionally, business account deposits at the same institution are insured up to $250,000 and are insured separeely from the personal accounts on the entity’s stockholders, partners, or memebers.

On october 14, 2008 the FDIC announced that it will provide unlimited coverage for balances in non-interest bearing depoist accounts for both consumer and business accounts through December 31,2009.

For additional FDIC insurance information, we encourage you to visit the FDIC’s web site – www.fdic.gov, or call 1-877-ASK-FDIC (1-877-275-3342) Monday- Friday 8am-8pm EST.