FDIC Updates

To obtain all information related to the FDIC click link below…
www.FDIC.gov

  • July 21, 2010
    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.
  • April 13, 2010
    The FDIC extended its temporary Transaction Account Guarantee Program through December 31, 2010.  This program provides depositors with unlimited coverage for non interest-bearing transaction accounts at participating FDIC insured institutions.  The unlimited coverage applies to all personal and business checking accounts that do not earn interest, low-interest NOW accounts (NOW accounts that cannot earn more than 0.5 percent interest), Official checks, and IOLTA accounts.
  • August 26, 2009
    The FDIC extended its temporary Transaction Account Guarantee Program through June 30, 2010.  This program provides depositors with unlimited coverage for non interest-bearing transaction accounts at participating FDIC insured institutions.  The unlimited coverage applies to all personal and business checking accounts that do not earn interest, low-interest NOW accounts (NOW accounts that cannot earn more than 0.5 percent interest), Official checks, and IOLTA accounts.

  • May 20, 2009
    Deposits at FDIC Insured institutions were extended to be 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 accounts except for IRAs and other retirement accounts (including IRAs), which will remain at $250,000 per depositor.  This superseded the October 3, 2008 change.

  • October 14, 2009
    The FDIC announced its temporary Transaction Account Guarantee Program providing full coverage for noninterest-bearing transaction deposit accounts at FDIC-Insured institutions that agreed to participate in the program.  This applies to all personal and business checking accounts that do not earn interest.  This was intended to be temporary and expire in December 31, 2009 and has now been extended through June 30, 2010.

  • October 3, 2008
    The emergency Economic Stabilization Act of 2008 temporarily raised the basic limit on FDIC coverage from $100,000 to $250,000 per depositor.  The limit is in effect from October 3, 2008 until December 31, 2009.