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Home >> Keeping Your Money Safe
Permanent Increase in FDIC Coverage is Great News for Depositors
When President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21, 2010, the increase in coverage to $250,000 announced in October 2008 was made permanent.
Quick facts:
- FDIC insurance of bank deposits was temporarily increased in 2008 from $100,000 to $250,000 for all insurable accounts.
- The $250,000 limit has now been made permanent, and retroactive to 1/1/2008.
- The change also affects credit union deposit accounts insured by NCUSIF
We are working to update each of the Q&A pages and articles on our BankingQuestions.com site to reflect these changes. |
Here's the press release from the FDIC about the permanent increase to deposit coverage limits. The FDIC has also updated EDIE (the FDIC's Electronic Deposit Insurance Estimator) to reflect these changes.
Published on BankingQuestions.com 10/08/08; updated 6/16/09 and 7/21/2010
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