Question of the Week: FDIC Insurance
These questions are culled from phone calls, letters, faxes and e-mails sent to my Thousand Oaks, Solvang, and Washington offices. Each week I will add another question and answer.
Week of May 29, 2009
• Question: Will the temporary FDIC insurance level of $250,000 be made permanent?
→ Answer: On May 20, 2009, President Obama signed S. 896, the Helping Families Save Their Homes Act of 2009. Specifically, this legislation, which passed Congress with my support, extended insurance for all deposits at FDIC-insured institutions up to $250,000 per depositor through December 31, 2013.
With this increase, a husband and wife can have up to $500,000 in one or more joint accounts at the same insured bank and the deposits would be fully insured. This change in insurance level is applicable for all account categories at FDIC-insured institutions. Unless Congress takes further action, in 2014 the insurance level for bank deposits will revert to $100,000 per depositor.
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