Deposit Insurance Coverage Temporary Increase in Coverage
FIL-102-2008 October 3, 2008
On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic limit on federal deposit insurance coverage from $100,000 to $250,000 per depositor. The temporary increase in deposit insurance coverage became effective immediately upon the President's signature. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009.
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
Insured institutions may post the above statement, or affix a sticker with the above statement, next to the official FDIC sign (teller station sign). Banks may use their own materials in any format for this purpose, or order stickers with this language using the procedures on the FDIC's Web site at http://www.fdic.gov/regulations/resources/signage/.
Insured institutions should inform depositors that the increase in coverage is temporary and effective only until December 31, 2009, particularly when opening new accounts and certificates of deposit maturing after that date.
Attached is a one-page document that provides an overview of insurance coverage, reflecting the temporary $250,000 insurance limit. You may display this document in branch offices to help explain insurance coverage to depositors.