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Summary and Statutes
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 FDIC
insurance covers all types of deposits received at an insured bank or thrift,
including deposits in checking, NOW, and savings accounts, money market deposit
accounts, and time deposits such as certificates of deposit CDs. FDIC
deposit insurance covers the balance of each depositors account,
dollar-for-dollar, up to the insurance limit, including principal and any
accrued interest through the date of the insured banks closing
The
FDIC does not insure money invested in stocks, bonds, mutual funds, life
insurance policies, annuities, or municipal securities, even if these
investments were bought from an insured bank. The FDIC does not insure
U.S. Treasury bills, bonds, or notes. These are backed by the full faith and
credit of the United States government The
deposit insurance premiums assessments are covered under the topic heading
Fee Regulations
Federal Deposit Insurance Act
FDIA
See
also
Termination of Insurance
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Applications for Deposit Insurance
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 Guidance
and Interpretive Materials
- Engaged in the business of Receiving Deposits
Other Than Trust Funds (GC Opinion #12)
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Recent and Proposed Amendments to Regulations
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On
9.12.06, the FDIC released in final forms changes to its regulation
330 covering deposit insurance
FDIC
issues final deposit insurance rules
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The FDIC issued an interim rule, effective April 1 2006, to implement the
deposit-insurance revisions in the Federal Deposit Insurance Reform Act of 2005
(Pub L 109-171) Reform Act
and the Federal Deposit Insurance Reform Conforming Amendments Act of 2005 (Pub
L 109-173) The comment period on the interim rule ended on May 22, 2006, 71 FR
14629 3.23.06 Interim Rule
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The Reform
Act made three substantive changes to the insurance
coverage provisions of the Federal Deposit Insurance Act (12 USC 1813-1835a).
Those changes are discussed in detail in the preamble to the Interim Rule
- First, section 2103(a) of the legislation
provides for an inflation index to be applied to the current maximum deposit
insurance amount of $100,000, defined in the Reform Act as the
standard maximum deposit insurance amount SMDIA
Beginning April 1, 2010, and every succeeding five years, subject to approval by
the Board of Directors of the FDIC and the National Credit Union Administration
Board, the current SMDIA could be increased by a cost-of-living adjustment
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Second, section 2103(c) of the Reform Act increases the deposit insurance limit
for certain retirement accounts from $100,000 to $250,000, also subject to
the inflation adjustment described above
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Third, section 2103(b) of the Reform Act provides per-participant coverage to
employee benefit plan accounts, even if the depository institution at which the
deposits are placed is not authorized to accept employee benefit plan deposits.
The Reform Act eliminates the former requirement that an insured depository
institution meet prescribed capital requirements before employee benefit plan
deposits accepted by that institution would be eligible for per-participant
coverage
Final
Rule
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Amount of Coverage
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The
basic
insurance amount, whether provided by the FDIC or the NCUA, is $100,000 indexed for inflation
per depositor, per insured bank. The $100,000 amount applies to all
depositors of an insured bank except for owners of ''self-directed'' retirement
accounts, which are insured up to $250,000 per owner, per insured bank
Deposits in
separate branches of an insured bank or credit union are not separately insured.
Deposits in one insured bank are insured separately from deposits in another
insured bank
Deposits
maintained in different categories of legal ownership at the same bank or credit
union can be separately insured. Therefore, it is possible to have deposits of
more than $100,000 at one insured bank and still be fully insured Your
Insured Deposit - The FDIC's comprehensive
guide to deposit insurance coverage. Although this is intended to be a
guide for laypersons, it provides a good starting point for more in-depth legal
research into deposit insurance
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FAQs
Regarding Deposit Insurance
FDIC Regulations Governing Deposit Insurance
SEC_CODE_REF_0090001192884
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Part
330 - Deposit Insurance Coverage
- 330.1 Definitions
- 330.2 Purpose
- 330.3 General principles
- 330.4 Continuation of separate deposit insurance
- 330.5 Recognition
of deposit ownership
- 330.6 Single ownership accounts
- 330.7 Accounts
held
- 330.8 Annuity contract accounts
- 330.9 Joint ownership accounts
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330.10 Revocable trust accounts
- 330.11 Corporation, partnership or
unincorporated assn
- 330.12 Depository
institution as trustee of irrevocable trust
- 330.13 Irrevocable trust accounts
- 330.14 Retirement and other employee benefit plan
accts
- 330.15 Public unit accounts
- 330.16 Effective dates
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Interpretive
Materials Regarding FDIC Deposit Insurance
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