Aug 18, 2010

FDIC makes $250,000 deposit insurance permanent

On July 21, President Obama signed a law permanently increasing FDIC insurance to $250,000 per depositor, per FDIC insured institution, for each account ownership category. (The maximum had been schedule to revert to $100,000  on Jan. 1, 2014.)

For those who have funds that are titled in the name of their revocable trusts, deciphering what the $250,000 coverage  actually means requires a bit of calculation. Other factors, including the number of beneficiaries of your trust, are considered. For information on how to apply the $250,000 coverage rule to your revocable trust, click here. 

You may also want to log on to the FDIC website. It has an Electronic Deposit Insurance Estimator that permits you to check on whether your accounts are fully protected. Click here to access the estimator.
The FDIC also maintains a consumer information line. The number is 877-ASK-FDIC (800-925-4618 for the hearing impaired), operational Monday through Friday from 8 am to 8 pm, Eastern time.

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