FDIC Update (Good!)

by Doug on Jun.17, 2009, under Banks

Good news. The FDIC has extended its coverage through 2014. To quote:

Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor.

You can check with the FDIC periodically to see any changes to their policy.

Also, credit union members are covered, too.

The National Credit Union Administration who administers the National Credit Union Share Insurance Fund (NCUSIF). Backed by the full faith and credit of the United States government, the NCUSIF insures the member accounts in all federal credit unions and the substantial majority of state-chartered credit unions.

Starting Oct 3rd, 2008 and ending Dec 31, 2009, the deposit insurance for an individual has been raised to $250,000. This has been extended to Dec 31, 2013:

The Emergency Economic Stabilization Act of 2008 increased the insurance coverage on all accounts up to $250,000. until December 31, 2013.