Since 1998, the FDIC's Web site has featured an interactive calculator that consumers can use to quickly and easily figure out whether deposits at an FDIC-insured institution are within the insurance limit. The FDIC in February 2006 introduced a new version of the Electronic Deposit Insurance Estimator (EDIE) for consumers that is more user-friendly and has more options than the original.
For example, the new EDIE features a much simpler process for entering account information. "Before, to accurately analyze your insurance coverage, you needed to know how your accounts fit into specific FDIC insurance categories," explained Kathleen Nagle, chief of the FDIC's Deposit Insurance Section. "Now, based on your answers to some simple questions, EDIE will intuitively place your account information into the appropriate insurance category."
Also, EDIE now handles insurance calculations for business accounts (such as those for corporations and not-for-profit organizations) and certain "living trust" accounts.
To find EDIE on the Web, go to www2.fdic.gov/edie. (Note to bankers: The FDIC has a special edition of EDIE for your use in helping customers estimate their insurance coverage.)
