Changes to FDIC Deposit Insurance
Laura Adams, MBA
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.
Girl with Dollar image courtesy of Shutterstock
About the Author
Laura Adams received an MBA from the University of Florida. She’s an award-winning personal finance author, speaker, and consumer advocate who is a frequent, trusted source for the national media. Money-Smart Solopreneur: A Personal Finance System for Freelancers, Entrepreneurs, and Side-Hustlers is her newest title. Laura’s previous book, Debt-Free Blueprint: How to Get Out of Debt and Build a Financial Life You Love, was an Amazon #1 New Release. Do you have a money question? Call the Money Girl listener line at 302-364-0308. Your question could be featured on the show.