Raise Limit on Insured Deposits: $100K to $250K
Date:
October 3, 2008
Who:
FDIC
Policy Area:
Financial Sector Policy
Economic Target:
Consumers
Economic Target:
Depository Institutions
Action Type:
Regulatory Change
Maximum Amount:
$700.00 billion The Emergency Economic Stabilization Act of 2008 temporarily raised from $100,000 to $250,000 the amount of deposit and share insurance in FDIC and Federal Credit Union member organizations. Initially, this law stated that the increased limit on insured deposits would last until 12/31/2009. However, On 5/20/2009 President Obama signed the Helping Families Save Their Homes Act, extending the temporary deposit insurance limit of $250,000 untill 12/31/2013. After that date, the FDIC deposit insurance limit will return to $100,000 except for IRAs and other retirement accounts.
Notes:
Limit will return to $100,000 after Dec. 31, 2013. Maximum amount indicates total value of new insured deposits.