October 3, 2008
Major news for all insured banks and thrifts. As of today, October 3, 2008, the FDIC has changed the limits for deposit insurance coverage.
New FDIC Insurance Coverage Goes Into Effect Immediately
President Bush signed the Emergency Economic Stabilization Act into law today. There will be an immediate (and temporary) effect on FDIC insurance coverage. Highlights include:
- FDIC insurance of bank deposits will be increased from $100,000 to $250,000 for all insurable accounts.
- These new limits will remain in effect through the end of 2009.
- Retirement accounts, which were already insured for up to $250,000, will remain at that level.
BankersOnline.com will keep you up-to-date as new developments occur.
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