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Increase in FDIC Insurance Protection

(updated October 9, 2008)

The legislature has temporarily increased the FDIC Deposit Insurance Coverage Limits. The previous $100,000 worth of insurance increased to $250,000. However, this increase in FDIC insurance is only effective October 3, 2008 through December 31, 2009.

Basic FDIC Deposit Insurance Coverage Limits
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 **

**The legislation authorizing the increase in deposit insurance coverage limits makes the change effective October 3, 2008, through December 31, 2009.

Please read the following pages to learn more about how FDIC Insurance works and the requirements it imposes. FDIC Insurance Article

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