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New Law Increases FDIC Insurance Coverage
Consumers will benefit from the Dodd-Frank Wall Street Reform and Consumer Protection Act that President Barack Obama signed on July 21, 2010 that permanently increases the basic FDIC insurance coverage limits on your money in insured financial institutions to $250,000.
The new permanent increased coverage not only applies to accounts held by individuals, but also to accounts held by corporations, partnerships, limited liability companies and municipalities. There is no cost to the public for the FDIC insurance coverage as it is paid for through assessments on insured financial institutions.
FDIC insurance covers all types of deposits received by you at an insured bank, including deposits in checking, NOW, savings accounts, money market deposit accounts, and certificates of deposit (CDs). Safe deposit boxes, and their contents, are not insured.
Remember, even under the $250,000 FDIC insurance limits, there are ways to easily and legally structure your accounts at a single financial institution to receive FDIC insurance coverage in amounts greater than the basic insurance limit. For example, a husband and wife by themselves could structure multiple accounts to easily receive up to $2 million in FDIC insurance coverage, while a family of four could receive up to $3 million in FDIC insurance coverage at one insured institution. This is powerful protection!
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