As part of the Helping Families Save Their Homes Act, which President Barack Obama signed into Law on May 20, the FDIC's temporary increase in coverage from $100,000 to $250,000 was extended through 2013.
The basic limit on federal deposit insurance coverage went from $100,000 to $250,000 per depositor as part of a provision made in October 2008, but the limit was planned to return to $100,000 on January 1, 2010. This law prolonged the amount of time given for the increased insurance.
The FDIC provides a free tool called the Electronic Deposit Insurance Estimator (EDIE) on its website. This easily navigated tool can be used to calculate your levels of coverage. Log on tohttp://www.fdic.gov/edie/ to get started.
For a quick look at your coverage, consult the chart below. Your relationship manager can also discuss your coverage levels with you and answer any questions, as well as help increase your coverage even further.
Basic FDIC Coverage Limits*
Single Accounts (owned by one person) - $250,000 per owner
Joint Accounts (two or more persons) - $250,000 per co-owner
IRAs and certain other retirement accounts - $250,000 per owner
Trust Accounts - $250,000 per owner per beneficiary subject to specific limitations and requirements
Corporation, Partnership and Unincorporated Association Accounts - $250,000 per corporation, partnership or unincorporated association
Employee Benefit Plan Accounts - $250,000 for the non-contingent, ascertainable interest of each participant
Government Accounts - $250,000 per official custodian
Non-interest Bearing Transaction Accounts - Unlimited coverage only at participating FDIC-insured banks and savings associations **
* On January 1, 2014, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.
** Unlimited deposit insurance coverage is available through December 31, 2013, for non-interest bearing transaction accounts at institutions participating in FDIC’s Temporary Liquidity Guarantee Program.