When bank failures are in the news, depositors naturally want to know about federal deposit insurance coverage. The Federal Deposit Insurance Corporation (FDIC) and the National Credit Union Administration (NCUA) have several very informative web pages that provide a wealth of information on deposit insurance coverage – what it is, how much is protected, how to make sure your bank or credit union deposits are covered. They also have information that can help you if your depository institution fails and is taken over by the FDIC or NCUA.
For official banking agency links relating to deposit insurance:
Note: A temporary increase in deposit insurance limits was enacted as part of the Emergency Economic Stabilization Act, effective October 3, 2008. The "standard maximum deposit insurance amount" (SMDIA) on FDIC deposit coverage was increased to $250,000 beginning on 10/3/08. It will revert to $100,000 after 12/31/2009. See the FIL linked at the bottom of this page for more information. The FDIC has revised the definition of the SMDIA in this regulation to reflect the temporary SMDIA, but all of the examples in the official regulation will continue to be based on an SMDIA of $100,000. Our version of the regulation (linked from this page) is updated with red text annotations to reflect how the rule would read if the FDIC were to revise each example by multiplying each amount by 2.5.
Sec. - 330-1 Definitions. Sec. - 330.2 Purpose. Sec. - 330.3 General principles. Sec. - 330.4 Continuation of separate deposit insurance after merger of insured depository institutions. Sec. - 330.5 Recognition of deposit ownership and fiduciary relationships. Sec. - 330.6 Single ownership accounts. Sec. - 330.7 Accounts held by an agent, nominee, guardian, custodian or conservator. Sec. - 330.8 Annuity contract accounts. Sec. - 330.9 Joint ownership accounts. Sec. - 330.10 Revocable trust accounts. Updated 9/30/08 Sec. - 330.11 Accounts of a corporation, partnership or unincorporated association. Sec. - 330.12 Accounts held by a depository institution as the trustee of an irrevocable trust. Sec. - 330.13 Irrevocable trust accounts. Sec. - 330.14 Retirement and other employee benefit plan accounts. Sec. - 330.15 Accounts held by government depositors.
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