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Inactive Financial Institution Letters

Deposit Insurance Coverage
Updated Resources Reflecting Increased Coverage for Certain Retirement Accounts Now Available
FIL-61-2006
July 5, 2006


Summary: The FDIC has updated the following deposit insurance resources and they are now available: the brochures Insuring Your Deposits and Your Insured Deposits in Spanish; FDIC's Video-Overview on Deposit Insurance Coverage; Electronic Deposit Insurance Estimator-Banker Version; and the CD-ROM FDIC's Inventory of Deposit Insurance Guidance. The updates reflect the increase in coverage to $250,000 for certain retirement accounts and other recent regulatory changes resulting from implementation of the Federal Deposit Insurance Reform Act of 2005. These changes to the FDIC's insurance rules took effect on April 1, 2006.

Highlights:

On April 1, 2006, deposit insurance coverage for certain retirement plan deposits increased from $100,000 to $250,000. The basic insurance amount for all other ownership categories remains unchanged. As a result of the changes in insurance coverage, the FDIC is updating all of its publications and other resources on deposit insurance coverage for consumers and bankers.

On May 10, 2006, the FDIC released updated versions of its three most widely used publications Insuring Your Deposits (English), Your Insured Deposits (English), and Financial Institution Employee's Guide to Deposit Insurance Coverage. The FDIC is now releasing updated versions of the following products:
  • FDIC's Inventory of Deposit Insurance Guidance, which is a CD-ROM with a searchable database of deposit insurance information categorized by topic, links to all FDIC deposit insurance publications and resources, detailed questions and answers, and an A-to-Z glossary of deposit insurance terms.
  • FDIC's Video-Overview on Deposit Insurance Coverage, which is a 30-minute video that reviews the most common categories of insurance coverage. It can be viewed on the FDIC's Web site and is available to bankers on VHS, DVD and CD-ROM.
  • Electronic Deposit Insurance Estimator – Banker Version, which allows bank personnel to calculate insurance coverage of customers' accounts. It is available on CD-ROM or downloadable from the FDIC's Web site.
  • Insuring Your Deposits (Spanish), which provides a basic overview of FDIC deposit insurance coverage
  • Your Insured Deposits (Spanish), which provides a comprehensive explanation of FDIC 's deposit insurance coverage rules.
Continuation of FIL-61-2006

Distribution:
All FDIC-Insured Institutions

Suggested Routing:
Chief Executive Officer
Head of Deposit and Branch Operations
Compliance Officer
Training Officer

Related Topics:
FDIC Deposit Insurance Regulations
12 C.F.R. 330

Attachment:
none

Contact:
FDIC Call Center at 1-877-275-3342

Printable Format:
FIL-61-2006 - PDF 32k (PDF Help)

Note:
FDIC Financial Institution Letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC FILs may be obtained through the FDIC's Public Information Center, 801 17th Street, NW, Room 100, Washington, DC 20434 (1-877-275-3342 or 703-562-2200).



Financial Institution Letters
FIL-61-2006
July 5, 2006

Deposit Insurance Coverage
Updated Resources Reflecting Increased Coverage for Certain Retirement Accounts Now Available

 

The Federal Deposit Insurance Corporation (FDIC) has updated the following deposit insurance resources to reflect the April 1, 2006, changes in insurance coverage required by the Federal Deposit Insurance Reform Act of 2005. These changes include the increase in insurance coverage from $100,000 to $250,000 for self-directed retirement accounts. For more information about the April 1, 2006, changes in deposit insurance coverage, see FIL-27-2006, dated March 28, 2006.

The following updated FDIC products are now available:

  • FDIC's Inventory of Deposit Insurance Guidance is a CD-ROM product that has a searchable database of deposit insurance information categorized by topic, links to all FDIC deposit insurance publications, products and services, a detailed list of question and answers, and an A-to-Z glossary of deposit insurance terms.

  • Electronic Deposit Insurance Estimator – Banker Version is an interactive computer application that allows financial institution personnel to estimate insurance coverage of customers' accounts quickly and easily. It is now available on CD-ROM. Bankers can continue to download the software from the FDIC's Web site.

  • FDIC's Video: Overview on Deposit Insurance Coverage provides a basic overview on how deposit insurance works, focusing on the most common account ownership categories used by individuals and families. It is available on the FDIC's Web site at www.FDIC.gov/deposit/deposits/index.html#video as well as on VHS, DVD and CD-ROM. (Note: The FDIC will release an update of its other deposit insurance video for bankers – a 100-minute video titled FDIC's Video: Seminar on Deposit Insurance Coverage – in the third quarter of 2006.)

  • Insuring Your Deposits – Spanish Version is a short leaflet intended for bank customers that provides a basic overview of FDIC deposit insurance coverage. (Note: The English version of Insuring Your Deposits was released previously. The FDIC will release Chinese and Korean versions of this brochure in the third quarter 2006.)

  • Your Insured Deposits – Spanish Version is a booklet that provides a comprehensive discussion of the FDIC's deposit insurance coverage rules. (Note: The English version of Your Insured Deposits was released previously. The FDIC will release Chinese and Korean versions of this brochure in the third quarter 2006.)
Ordering Copies from the FDIC
  Sandra L. Thompson
Acting Director
Division of Supervision and Consumer Protection



Last Updated 5/12/2010 communications@fdic.gov