FDIC

FDIC Increases Bank Deposit Insurance Limits to $250,000

On October 3, 2008, the Federal Deposit Insurance Corporation (FDIC) temporarily increased the standard deposit insurance amount from $100,000 to $250,000 per depositor through December 31, 2013.

Recently, the FDIC clarified that the rules for determining each account ownership category were not changed by the economic stabilization bill. Coverage is calculated the same as it was before the bill’s Oct. 3 enactment date, the agency said, except that the standard maximum deposit insurance amount is now $250,000.

What Is the FDIC?

El Dorado Savings Bank is a member of the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent agency of the United States government. The FDIC protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

Why Is FDIC Insurance Important to You?

All FDIC-insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of insured banks to ensure these standards are met. Even with these safeguards, some insured banks fail. If your insured bank fails, FDIC insurance will cover your deposits, dollar for dollar, including principal and any accrued interest, up to the insurance limit.

Historically, insured deposits are available to customers of a failed bank within just a few days. Since the start of the FDIC in 1933, no depositor has ever lost a penny of insured deposits.

What Does the FDIC Insure?

The FDIC insures all deposits at insured banks, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

The FDIC does not insure the money you invest in stocks, bonds, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank.

El Dorado Savings Bank Participates in FDIC's Transaction Account Guarantee Program

Under FDIC's Transaction Account Guarantee Program, through December 31, 2013, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.

Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.