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#1059659 - 10/07/08 03:01 PM FDIC Coverage
Janet Munns Offline
100 Club
Janet Munns
Joined: Apr 2007
Posts: 163
Florida
I just had a question posed to me and cannot find my answer on FDIC's website. If a customer were to open a CD on December 15, 2009 and the CD was not going to mature until after the temporary coverage date of 12/31/09, would the CD be insured for the $250,000 or would it revert back to the $100,000 of coverage? My instinct tells me that it would revert to the $100,000, but I wanted others opinions and expertise.
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Janet Munns, CRCM
Florida

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General Discussion
#1059719 - 10/07/08 03:29 PM Re: FDIC Coverage Janet Munns
nbk2yj2 Offline
Platinum Poster
Joined: Aug 2006
Posts: 629
Paradise!
According to FDIC it will revert back. I spoke to them right after the announcement.

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#1059859 - 10/07/08 04:14 PM Re: FDIC Coverage Janet Munns
Reads Regs Offline
Diamond Poster
Joined: Nov 2004
Posts: 2,285
The FDIC revised the 10/3/08 FIL on this topic to say "Insured institutions should inform depositors that the increase in coverage is temporary and effective only until December 31, 2009, particularly when opening new accounts and certificates of deposit maturing after that date."

http://www.fdic.gov/news/news/financial/2008/fil08102.html

At the bottom of the page, it has a date of 10/6/08. The FDIC must have changed the FIL yesterday.
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Opinions expressed are my own and not necessarily those of my employer. They are not legal advice.

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