July 22, 2010

Official FDIC Sign Updated and Available

Filed under: Uncategorized — Admin User @ 10:35 am

The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount (SMDIA) of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.

  • The FDIC has updated the FDIC official sign for advertising deposit insurance coverage as prescribed in Part 328 of the FDIC’s regulations.
  • Insured depository institutions may order FDIC official signs from the FDIC, free of charge, at https://vcart.velocitypayment.com/fdic/.
  • The FDIC encourages all insured depository institutions to acquire and post the new official sign without delay to increase depositor awareness of the permanent increase in deposit insurance coverage.
  • All of the FDIC’s deposit insurance coverage materials posted on its website – including “EDIE,” its Electronic Deposit Insurance Estimator – have been updated to reflect the permanent $250,000 coverage.

The Compliance Chapter of The Gold Book addresses FDIC Official Sign requirements.

Basic FDIC Insurance Coverage Permanently Increased to $250,000 Per Depositor

Filed under: Banking News,Compliance — Admin User @ 10:30 am

On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The temporary increase from $100,000 to $250,000 was effective from October 3, 2008, through December 31, 2010. On May 20, 2009, the temporary increase was extended through December 31, 2013.

“With this permanent increase of deposit insurance coverage to $250,000, depositors with CDs above $100,000 but below $250,000 will no longer have to worry about losing coverage on those CDs maturing beyond 2013.

To help consumers, bankers and others understand how the new law affects deposit insurance coverage and to help consumers verify whether their deposit accounts are fully protected, the FDIC provides the following resources:

  • Information on deposit insurance on the FDIC Web site: Updated brochures on deposit insurance coverage (including the basic guide, Deposit Insurance Summary, and the more comprehensive guide, Your Insured Deposits) and a new version of the “Electronic Deposit Insurance Estimator” (EDIE), an interactive service that allows consumers to quickly and easily check whether their accounts are fully protected, are now available on the FDIC’s Web site (www.fdic.gov).
  • A toll-free consumer assistance line: Help and information about deposit insurance and other matters of interest to bank customers are available at 1-877-ASK-FDIC (1-877-275-3342) Monday through Friday from 8:00 a.m. to 8:00 p.m., Eastern Time. For the hearing-impaired, the number is 1-800-925-4618.

Visit the FDIC chapter of The Gold Book for details.

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More on the new $100 BankNote

Filed under: Banking News — Admin User @ 10:03 am

Be sure to sign up for The $100 BankNote, an electronic newsletter provided by the U.S. government to help businesses and organizations around the world prepare for the redesigned $100 note’s introduction on February 10, 2011.

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