FDIC insurance limits

The Federal Deposit Insurance Corp. has extended the $250,000 insurance rate on bank deposits through 12/31/2013.

As you may know, the insurance rate of $100,000 was raised to $250,000 last year as a temporary measure. It was to revert back to $100,000 on 12/31/09. However, congress had authorized an extension of the higher insurance rate until 12/31/2013.

For some unexplained reason there has been little or no publicity regarding this change. I learned of it through my newspaper from an obscure article written by a local reporter.

I followed up by checking with www.fdic.gov and found this announcement:

New Deposit Insurance Limits - The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.

I don't know why this has been kept so secretive.

Art

Can't say I know anyone who has 250K in a bank account.

I didn't know about that either. If I understand that right, it means $250,000 in a checking and/or savings account. As Bob mentioned, who keeps that much there?
My dearly departed Grandma once mentioned to sister & I, how great her bank had treated her throughout the years. Yet when sis went through grandma's accounts, she had $30,000 in a no-interest paying checking account for years.

If I understand correctly there are several provisions in it . Per account , and Per institution / Charter not branch . But yes it does seem as it needs to be scaled some how .

The FDIC insurance covers not only checking accounts and savings accounts, but also CD's and certain retirement deposits, and money market deposit accounts.


Lulu

The above post is by LuluBelleBrown and I'm not a guest. I don't see any way to make a correction.

Lulu

Glad 2 C U found what happened .
henry