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FDIC Consumer News - Spring 1999

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.

3. Sorry, that is incorrect.

The correct answer is "False." In the event of a bank merger, the FDIC's rules provide a "grace period" so that any change in insurance coverage is not immediate. Regular checking and savings accounts from
each institution are separately insured, as if they were still at separate institutions, for six months after the merger. In general, CDs at the acquired institution remain separately insured until the earliest maturity date after the six-month grace period.

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Last Updated 07/28/1999 communications@fdic.gov