On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. On May 20, 2009 the FDIC deposit insurance increase was extended from December 31, 2009 to December 31, 2013.
On October 14, 2008, the FDIC announced the Temporary Liquidity Guarantee Program to strengthen confidence and encourage liquidity in the banking system. The new program will (1) guarantee newly issued senior unsecured debt of eligible institutions, including FDIC-insured banks and thrifts, as well as certain holding companies, and (2) provide full deposit insurance coverage for non-interest bearing deposit transaction accounts in FDIC-insured institutions, regardless of the dollar amount. On August 26, 2009 this was extended from December 31, 2009 until June 30, 2010 by the FDIC.
Who is the FDIC? |
The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system in the following ways:
- By insuring deposits in banks and thrift institutions for up to $250,000.
- By identifying, monitoring, and addressing risks to the deposit insurance funds.
- By limiting the effect on the economy and the financial system when a bank or thrift institution fails.
Please note that the FDIC limit on traditional types of deposit accounts is temporary, through December 31, 2013. |
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What does the FDIC insure? |
The FDIC guarantees all traditional types of deposit accounts (checking, savings, trust, money market, CDs) up to $250,000 and guarantees IRAs up to $250,000.
Investment products (mutual funds, annuities, life insurance policies, stocks and bonds) are not FDIC insured, may lose value, and are not bank guaranteed.
Please note that the FDIC limit on traditional types of deposit accounts is temporary, through December 31, 2013.
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What is the insurance limit? |
The basic deposit accounts insurance limit amount is $250,000 per depositor per insured bank. Certain retirement accounts (such as Individual Retirement Accounts [IRAs]) are insured up to $250,000 per depositor per insured bank.
If you and your family have a combined amount of $250,000 or less in all of your deposit accounts categories at the same insured bank, you do not need to worry about your insurance coverage, as your deposits are fully insured.
Please note that the FDIC limit on traditional types of deposit accounts is temporary, through December 31, 2013. |
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I have accounts in multiple categories at a financial institution. The combined value of the accounts exceeds the basic insurance amount of $250,000. Are all of my funds insured? |
For customers with accounts in multiple categories at a single financial institution, FDIC coverage is based on the titling of the accounts and the category of accounts, not the number of accounts.
For example, a customer who owns a checking account and a CD titled in his or her own name as single owner will receive a total of $250,000 of combined coverage for both accounts.
But if that same customer also has a joint account (which is a separate category from individual accounts), he or she could receive an additional $250,000 of insurance for the funds held in the joint account.
Please note that the FDIC limit on traditional types of deposit accounts is temporary, through December 31, 2013. |
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Where can I get more information about FDIC insurance? |
You may visit the "FDIC - Your Insured Deposits" brochure. You may also call the FDIC at 1.877.ASK.FDIC (1.877.275.3342) or by visiting www.fdic.gov |
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