FDIC Deposit Insurance Coverage Limits Raised

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fdic-deposit-insurance-coverage-limits-raisedThe Federal Deposit Insurance Corporation (FDIC) has temporary raised the limits on all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). 

The new temporary limits are:

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

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.

 
Author: Brian McKay
November 8th, 2008

MBR In the Press





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