FDIC Insurance Update

Last summer, a law was enacted that raised the standard maximum deposit insurance amount (SMDIA) to $250,000. The law made permanent a previous temporary increase to $250,000 from the former maximum limit of $100,000. The new permanent maximum limit should especially benefit consumers who figure to have more than $ 100,000—such as in multi-year certificates of deposit—in their bank beginning in 2014, when the temporary hike in the maximum limit had been scheduled to expire. It is important to bear in mind that the SMDIA does not mean that under no circumstances may a single individual have insurance on more than $250,000 in a single … [Read more...]