fdic_logoEven as the FDIC oversaw the closures of two more banks last Friday (the 35th and 36th for this year), it also made a special announcement a few days ago regarding consumers’ insurance coverage. The actual text from the FDIC website reads:

“May 20, 2009

Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)”

It can be recalled that the rise in insurance coverage from $100,000 to $250,000 was made effective last October 3, 2008 in light of the successive bank closures that hit the country last year. While the new insurance cap of $250,000 per deposit account is supposed to expire come December 31, 2009, this notice effectively extends the raised limit for another four years.

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  • Thanks for the great post guys!

  • Annette

    I cannot find anything about your CD Rates.

  • Robert Soldwedel

    The FDIC should forget the $100,000 insurance figure and maintain the $250,000 figure (or more). Consider when the $100,000 figure was established and the inflation that has happened from that date until the present.

  • Robert Soldwedel

    The FDIC should forget the $100,000 insurance figure and maintain the $250,000 figure (or more). Consider when the $100,000 figure was established and the inflation that has happened from that date until the present.

  • Maria Martinez

    how much can some one put money in my credit card and how much can my card have $$ in it?