FDIC Insurance Coverage Increases

The FDIC has increased basic coverage on federally deposit accounts from $100,000 to $250,000 under the Emergency Economic Stabilization Act of 2008. The increase will last until the end of 2009. To see if you bank is covered and how coverage can extend beyond the $250,000 limit go to Bank Find. In addition, the National Credit Union Administration has posted a slide presentation that incorporates the new limits and explains how the limits are applied to different types of accounts.

The Federal Deposit Insurance Reform Act of 2005 combined the Bank Insurance Fund (BIF) and the Saving Association Insurance Fund (SAIF) into one fund the, Deposit Insurance Fund, that provides protection for all federally insured deposits at banks and savings and loans. Deposits at credit unions are covered in a parallel manner by the National Credit Union Insurance Fund that is backed by the full faith and credit of the United States government