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.
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