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Changes in FDIC Deposit Insurance Coverage
July 21, 2010
On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street
Reform and Consumer Protection Act into law, which, in part, permanently
raises the current standard maximum deposit insurance amount (SMDIA)
to $250,000. The FDIC insurance coverage limit applies per depositor,
per
insured depository institution for each account ownership category.
Consumers and bankers can find additional information regarding FDIC’s
deposit insurance coverage through the use of the FDIC’s Electronic
Deposit Insurance Estimator (EDIE) and deposit insurance publications
located
on the FDIC’s website “Are My Deposits
Insured?”
In addition, they can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342).
For more information, visit: http://www.fdic.gov/news/news/press/2010/pr10161.html
April 13, 2010
The FDIC adopted an interim rule providing a six-month extension until
December 31, 2010, of the Transactions Account Guarantee (TAG) Program
for insured depository institutions (IDIs) currently participating
in the TAG Program, with the possibility of an additional 12-month
extension of the program without further rulemaking. IDIs currently
participating in the program that wish to opt out of the TAG Program
extension must submit
their
request to opt out on or before April 30, 2010. Such election will
be effective on July 1, 2010. For institutions that continue to participate
in the
TAG Program after July 1, 2010, the basis for calculating the
assessment will be modified and the interest rates on NOW
accounts guaranteed under the
TAG
Program cannot exceed 0.25%.
For more information, visit: http://www.fdic.gov/news/news/financial/2010/fil10015.html
August
26, 2009
The FDIC extended its temporary Transaction Account Guarantee Program
through June 30, 2010. This program provides depositors with unlimited
coverage for noninterest-bearing transaction accounts at participating
FDIC-insured institutions. The unlimited coverage applies to all personal
and business checking deposit accounts that do not earn interest (including
Demand Deposit (DDA) accounts), low-interest NOW accounts (NOW accounts
that cannot earn more than 0.5% interest), Official Items (e.g., cashier
or bank checks) , and Interest on Lawyer Trust Accounts "IOLTA" (or
the equivalent type of deposit).
For more information, visit: http://www.fdic.gov/news/news/financial/2009/fil09048.html
May 20, 2009
Deposits at FDIC-insured institutions are now insured up to at least
$250,000 per depositor, per insured bank, through December 31, 2013.
On January 1, 2014, the standard insurance amount is scheduled to return
to $100,000 per
depositor, per insured bank, for all account categories except Certain
Retirement Accounts
(includes IRAs) which will remain at $250,000 per depositor, per insured
bank. (This supersedes the October 3, 2008 changes.)
For more information visit: http://www.fdic.gov/news/news/financial/2009/fil09022.html
October 14, 2008
FDIC announced its temporary Transaction Account Guarantee Program,
which provides full coverage for noninterest-bearing transaction deposit
accounts at FDIC-insured institutions that agree to participate in the
program. The transaction account guarantee applies to all personal and
business checking
deposit accounts that do not earn interest, low-interest NOW accounts
(NOW accounts that cannot earn more than 0.5% interest), Official Items,
and IOLTA accounts. This unlimited insurance
coverage is temporary and will
remain in effect
for participating institutions through December 31, 2009.
For more information visit:
October 3, 2008
Deposits at FDIC-insured institutions are insured up to at least
$250,000 per depositor, per insured bank, until December 31, 2009. On January
1, 2010, the standard insurance amount is scheduled to return to $100,000
per depositor, per insured bank for all account categories except
for Certain Retirement Accounts (includes IRAs) which will remain at $250,000
per depositor, per insured bank.
For more information visit: http://www.fdic.gov/news/news/financial/2008/fil08102.html
September 26, 2008
The FDIC has simplified its rules
for the insurance coverage of revocable trust accounts. The new rules
provide at least as much coverage as the former rules, and are not subject
to the expiration
dates referenced above.
Read more about this change at: http://www.fdic.gov/news/news/financial/2008/fil08099.html.
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