Today, the FDIC issued a Financial Institution Letter (FIL-22-2009) on the “Extension of Temporary Increase in Standard Maximum Deposit Insurance Amount.” Earlier this week, President Obama signed the “Helping Families Save Their Homes Act,” which in part, allows for the extension of the temporary standard maximum deposit insurance amount to $250,000 for each depositor through 2013. In the letter, the FDIC encouraged banks to post statements publicizing the temporary increase and inform depositors of this change particularly when opening new accounts and certificates of deposit that will mature after December 31, 2013.
The increase became effective immediately upon President Obama signing the Bill.
