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FDIC Consumer News
Special 10th Anniversary Edition - Fall 2003
Important
Update: FDIC Insurance for Certain Retirement Deposits Increased
to $250,000
On April 1, 2006, the deposit insurance coverage for certain retirement
accounts increased to $250,000, up from $100,000 previously. The basic
insurance coverage for other deposit accounts remains at $100,000 per depositor.
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. |
Setting the Record Straight about FDIC Insurance
We've learned that there are misperceptions about how FDIC insurance works. To set the record straight, here are some basic facts:
- If you have $100,000 or less in an FDIC-insured institution, you are always fully protected.
- Depositors can have more than $100,00 in an institution and still be fully insured by the FDIC if the funds are in different account categories — single, joint, IRAs, and other categories as described in the FDIC regulations.
- Most depositors have access to all of their insured funds within one business day after a bank failure.
- Depositors who have money over the insurance limit in a failed institution may receive some portion of their uninsured funds after the FDIC sells the institution's assets and determines how much money, by law, is available to pay uninsured depositors.
Excerpted from "Special Report: Are You Sure You're Fully Insured?,"
Fall 2001
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