FDIC Signs stating $250,000.00

What is everyone doing about their FDIC signs? Are you getting new ones to state the $250,000 dollar amount now?

There are no new FDIC signs that will state that. Atleast not yet unless the change becomes permanent. Currently it is only increased until the end of 2009.

Here are a few links to information the FDIC has posted.
http://www.fdic.gov/news/news/financial/2008/fil08102.html
http://www.fdic.gov/news/news/financial/2008/fil08102b.html
http://www.fdic.gov/news/news/press/2008/pr08093.html


As stated in one of the links, "the FDIC advised insured institutions they should inform depositors that the coverage increase is temporary and effective only until December 31, 2009." It says should so does not mean that you must.

The FDIC has authorized insured institutions to use this statement to augment bank signage and customer information materials as of October 3, 2008:

"On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009."

That is the statement that is authorized so if you do decide to use a statement I would suggest using the only one authorized.

One last part to be aware of, "Insured institutions may post the above statement, or affix a sticker with the above statement, next to the official FDIC sign (teller station sign). Banks may use their own materials in any format for this purpose, or order stickers with this language using the procedures on the FDIC's Web site at http://www.fdic.gov/regulations/resources/signage/."

It says next to, not over top of the Official Sign.

We will just be posting a sticker or a printed sign next to the official signs. And probably not all the official signs, but at least one per branch.

There was also a letter that the FDIC put out that you could print out and display....

We are displaying a sign stating that FDIC insurance coveraged has increased to $250,000.00 effective to December 31, 2009.

We are displaying a sign at our teller line indicating that FDIC insurance increased to $250,000 until 12.31.09.

Posting the recommended statement for the new increase in deposit insurance is easy enough, but with regards to radio ads, must we include the through to date of December 31, 2009 within our tag line?

For radio ads, you do not need to say anything other than the FDIC official advertising statement or the approved shorter forms of it (Member FDIC). You do not need to mention the FDIC authorized $250,000 statement in the ad.

But, if you do decide that you are going to mention in your radio ad that deposits are insured up to $250,000, they you should use the complete official statement. It is the only one that is authorized. If after calculating risk, you decide not to use the complete statement, you should still mention that it is only in effect until December 31, 2009, because not mentioning it could be perceived as deceptive and misleading at the least.

Does anyone know if we need this signage at our deposit ATMs?

I called the FDIC and they said to print the "FDIC Deposit Insurance Coverage" letter and post it next to any FDIC signs.