FDIC Insurance Permanently Increased to $250,000
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.
In addition, the FDIC Transaction Account Guarantee Program and the Dodd-Frank Act provide unlimited insurance coverage for certain qualifying transaction accounts through December 31, 2012.
"With this permanent increase of deposit insurance coverage to $250,000, depositors with CDs above $100,000 but below $250,000 will no longer have to worry about losing coverage on those CDs maturing beyond 2013. Insured deposits provide the comfort and peace of mind to depositors that their money is 100 percent safe – provided they keep their deposit balances within the insurance limits," said FDIC Chairman Sheila C. Bair.
We strongly encourage all bank depositors who have questions about their insurance coverage to:
- Call or visit your nearest Liberty Bank office
- Go to the FDIC website at www.fdic.gov and use the Electronic Deposit Insurance Estimator (EDIE)
- Call FDIC toll-free at 1-877-ASK-FDIC
Reference: FDIC Press Release July 21, 2010
Information on FDIC Deposit Insurance Coverage provided to you by Liberty Bank employees is based on the current understanding and interpretation of FDIC regulation, subject to change of regulation by FDIC and is not to be construed as conclusive or legal advice by Liberty Bank.
