Each depositor insured to at least $250,000 per insured bank

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FDIC Consumer News - Fall 2001

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.

  Special Report on FDIC Insurance 

2. Sorry, that is incorrect.

The correct answer is "True."

RETIREMENT ACCOUNTS: In general, deposits you keep at a bank for retirement purposes, such as Individual Retirement Accounts (IRAs) and Keoghs, are added together and insured up to $100,000. And your retirement funds are insured separately from your other types of deposits at the same bank. "Even though the rules are pretty clear—anything more than $100,000 in IRAs at one bank is uninsured, period—it's extremely common to find customers with retirement funds over the limit," says the FDIC's Becker. One big reason, he says, is that some people take a lump-sum distribution from a pension fund, often involving a lot of money after many years of work, and they deposit it into one account simply because they didn't realize they could divide that money among different financial institutions. See full story...

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Last Updated 11/23/2001 communications@fdic.gov