Quick Tip: Changes to FDIC Deposit Insurance
On July 21 last week, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act. One of its provisions is a permanent increase in the standard FDIC (Federal Deposit Insurance Corporation) insurance coverage limit to $250,000. The limit used to be $100,000 but was temporarily raised to $250,000 until December 31, 2013. FDIC insurance applies to each depositor at each insured institution for each category of account ownership (such as individual, joint, trust, or retirement). If you have questions about your FDIC coverage visit fdic.gov. There’s a tool on the Web site called the Electronic Deposit Insurance Estimator (EDIE) that helps you make sure all your deposits are fully insured.