Wednesday, July 21, 2010

Basic FDIC Insurance Coverage Permanently Increased to $250,000 Per Depositor

Despite all of the confusion, distortion, hype, and disappointment over the massive financial reform legislation, one clear bright spot is that the FDIC insurance limit is now permanently raised to $250,000 from $100,000. Before today the limit was temporarily raised, but now that change is permanent. From the FDIC press release:

On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The temporary increase from $100,000 to $250,000 was effective from October 3, 2008, through December 31, 2010. On May 20, 2009, the temporary increase was extended through December 31, 2013.

-- Jack Krupansky

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