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Financial Institution Letters


Electronic Deposit Insurance Estimator

FIL-103-98
September 29, 1998

 

TO: CHIEF EXECUTIVE OFFICER
SUBJECT: New Electronic Deposit Insurance Estimator-"EDIE"-on the FDIC Web Page

The Federal Deposit Insurance Corporation (FDIC) is pleased to announce its new Electronic Deposit Insurance Estimator-"EDIE"-which will be on the FDIC's Internet home page at www.fdic.gov starting September 30, 1998. The FDIC is making this valuable tool available on the Internet so that financial institutions and their customers may use it free of charge.

EDIE is a user-friendly Internet application that can calculate deposit insurance for users. EDIE will guide users through some questions about deposit accounts, then will print out a report clearly showing the amount of insurance coverage for those accounts. EDIE is designed to allow even novice computer users to get accurate statements of deposit insurance coverage.

EDIE can accommodate the needs of most individuals and family groups. It can calculate insurance coverage for single, joint, testamentary, and IRA/Keogh accounts. However, EDIE cannot be used to calculate insurance coverage for business accounts (e.g., corporate, agency/ fiduciary, or public unit accounts), nor to calculate coverage for complex ownership arrangements, such as living or family trusts and employee benefit plans.

In FIL-59-98: Financial Institution Letters: dated June 3, 1998, the FDIC encouraged insured financial institutions to ensure that their employees understand the deposit insurance rules so that customers will receive accurate information about FDIC insurance coverage. The FDIC hopes all insured institutions will consider ways to use EDIE to educate their employees and deposit customers. For example, your institution may want to provide Internet access to employees who work with depositors to assist them in advising new account customers. Your institution may also wish to incorporate EDIE into your staff's deposit insurance training program.

We encourage all insured institutions with Web pages to link EDIE to your Internet site. The new Deposit Insurance Information Page that hosts EDIE also provides easy access to all of the deposit insurance information for consumers and financial institutions available on the FDIC Web site, including links to:

  • The Financial Institution Employee's Guide to Deposit Insurance, which explains the rules for deposit insurance coverage in a non-technical way and provides training materials for financial institution employees;
  • Your Insured Deposits, the FDIC's recently updated brochure for consumers;
  • A tool that allows users to verify whether their financial institution is FDIC-insured; and
  • The deposit insurance regulations that became effective July 1, 1998.

The FDIC has made EDIE and these other training resources available on its Web site to assist insured institutions in their efforts to educate their employees and customers on the FDIC's rules for deposit insurance coverage.

For further information about EDIE, visit the FDIC's Web site at www.fdic.gov or call the FDIC's Consumer Affairs Call Center at 1-800-934-3342.

Carmen J. Sullivan
Director

Distribution: Insured Banks (Commercial and Savings) and Insured U.S. Branches of Foreign Banks

NOTE: Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (800-276-6003 or (703) 562-2200).

Last Updated 07/17/1999 communications@fdic.gov