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Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

Winter 2003/2004

A Final Exam
Test your knowledge by taking a quiz based on information in this issue.

1. Estate planning is a term to describe organizing your financial affairs so that money, property and other assets can go to your heirs in an efficient manner True or False?

2. The only way to ensure that a bank account passes to your heirs with a minimum of costs, taxes and hassles is to obtain a formal legal document called a "living trust." True or False?

3. Recent changes in the FDIC's insurance rules make it more likely that a family's deposits held by a living trust will be fully protected if their bank fails. This is because the FDIC will no longer impose limits on the insurance coverage if the trust contains conditions on when the funds could pass to a beneficiary. True or False?

4. John has both a payable-on-death trust account and a "living trust" account at the same bank. Both trusts name the same three people — John's wife and two children — as equal beneficiaries. Under the FDIC's rules, both accounts are combined for insurance purposes and protected up to $300,000 — $100,000 for each beneficiary. True or False?

5. If you receive an e-mail requesting you to re-submit your Social Security number and bank account information to a bank or company you may do business with, it's safe to provide this information as long as the e-mail includes the name and logo of that entity. True or False?

6. Under new U.S. rules to help fight terrorism, financial institutions generally are required to ask for a Social Security number or other taxpayer identification number before opening a deposit, loan or other account. True or False?

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Last Updated 03/08/2004 communications@fdic.gov