FDIC $250,000 Insurance Limits Extended to 2013

Recently the Department of the Treasury approved the FDIC’s request to extend the deposit insurance limit of $250,000 from 2009 to 2013, so our deposits will be protected up to the new amount for the next five-plus years. As you may remember, last year the limit was $100,000 and it was temporarily increased to $250,000 to calm people’s fears about bank failures. Originally, the increase was to expire on December 31st, 2009, so this extension adds many years to the existing protections. The limit is supposed to return to $100,000 in 2014, unless it is extended once again.

This extension of the increased limits applies to NCUA covered credit unions as well, protected by the National Credit Union Share Insurance Fund (NCUSIF).