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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 |
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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.
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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).
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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/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
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Sandra L. Thompson
Acting Director
Division of Supervision and Consumer Protection |
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