Section: Politics
Late Friday afternoon, Congress and President Bush approved a provision to increase FDIC deposit insurance from $100,000 to $250,000 per depositor through December 31 2009.
Since the FDIC didn’t announce any other changes in their official press release, it’s safe to assume that coverage is effective immediately and all other existing rules about deposit account ownership and FDIC coverage still apply. As we investigate the new law further, we’ll inform you if there are any changes other than coverage limits. Note that as of Friday afternoon, the FDIC’s “EDIE” calculator had not been updated to reflect the higher coverage amounts.
That means your message to customers is simple: “Great news! FDIC coverage just went up from $100,000 to $250,000. And your money is also backed by the strength and security of Chase.”
Watch the News Source for further updates.
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