FDIC Deposit Insurance Coverage Limits Raised

fdic-deposit-insurance-coverage-limits-raised The Federal Deposit Insurance Corporation (FDIC) has temporary raised the limits on all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs).

The new temporary limits are:

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

Government Accounts	$250,000 per official custodian

On January 1, 2014, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.

Author: Brian McKay

November 8th, 2008