The temporary increase in Federal Deposit Insurance Corporation (FDIC) coverage limit from $100,000 to $250,000 per deposit, per bank, is extended through December 31, 2013. The increase was enacted in October 2008 and was set to expire December 31, 2009.
Please remember that FDIC coverage is based on the aggregate assets held at an organization that includes, but is not limited to, Certificate of Deposits (CDs), including Brokered CDs; and other deposit products of the same financial institution held at other intermediaries (includes deposits of the same institution held at other broker/dealers.) CDs purchased prior to December 13, 2013, but that mature after this date, will automatically convert from the $250,000 coverage to $100,000 coverage. IRAs and other select retirement accounts will remain at the $250,000 per deposit coverage and will NOT convert to the $100,000 on December 13, 2013.
FDIC Coverage Information
For more information on FDIC coverage, please click here. Below is a Q and A from the FDIC webpage:
Q. How can I find information about my bank? I would like to know if there is a branch of my bank that is close to my house. How can I file a complaint about my bank?
A. FDIC Bank Find allows you to locate detailed information regarding a single FDIC-insured institution. This information includes answers to questions such as: Is my bank insured? Where are my bank’s branches located? Where is my bank’s home (main) office located? What is my bank’s Web site address? What happened to my bank? Does my bank have a new name? Is my bank still open? Who do I contact with a complaint?
Q. Can I check to see if I have full deposit insurance on my bank accounts?
A. The FDIC’s Electronic Deposit Insurance Estimator (EDIE) is an interactive application that can help you learn about deposit insurance and calculate the insurance coverage of your accounts.
Q. I have an IRA and a trust account for my children. How can I find out if they are insured?
A. The FDIC provides two guides to deposit insurance – Deposit Insurance Summary and Your Insured Deposits. Deposit Insurance Summary is a basic guide, while Your Insured Deposits provide more comprehensive information. The FDIC also provides more specific information such as FDIC Guide to Calculating Deposit Insurance Coverage for Revocable and Irrevocable Trusts and details more examples in Deposit Insurance Coverage Frequently Asked Questions
Q. I am a banker responsible for responding to FDIC assessments. Where can I get information about contacting the FDIC with questions?
A. There is a comprehensive guide to Deposit Insurance Assessments. This assessment Web page is a summary of the many changes that have been implemented as a result of the Federal Deposit Insurance Reform Act of 2005, beginning January 1, 2007, and with the June 29, 2007, assessment collection. The assessment Web page provides bankers with a brief explanation of changes to the FDIC’s quarterly invoicing process for deposit insurance premiums. In addition, it details the computation of the assessment base and the pricing methodology used to determine the premium cost.
Q. I have several brokerage accounts with stocks and bonds. Are they FDIC-insured?
A. Insured Or Not Insured? is the FDIC guide to what is and is not protected by FDIC insurance. You may also refer to the two guides to deposit insurance – Deposit Insurance Summary and Your Insured Deposits.
Q. How does the FDIC work with other deposit insurers around the world?
A. The FDIC participates with several international organizations. For a list and links to the organizations, please visit International Deposit Insurance.