Deposit Insurance Limit Extended through 2013

Date May 29, 2009

The Helping Families Save Their Homes Act of 2009, signed into law by President Obama on May 20, 2009, includes a provision extending $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund through December 31, 2013. FDIC insurance will also be extended under this new law.

This is good news, considering many consumers may have purchased CDs, or Share Certificates, that expire in 2010, and they may not have been insured, depending how their accounts are vested, had the limits gone back to $100,000.

Also, it makes it easier for consumers to invest money in a credit union or bank if they are single with no beneficiaries and want to invest more than $100,000. Caveat – I always recommend adding at least one beneficiary to any bank or credit union account. Worst case, if something should happen to you, you don’t want your money sitting in probate, making it very difficult for your loved ones to get access to.

Remember – IRA Accounts are insured separately. So you can have a regular Certificate account for $248,000 (remember to allow for interest accruing, you don’t want to go over the insured limit!) and an IRA account for the same amount and still be insured.

Not sure how much you’re insured for at your financial institution? Find out how much you are insured for here !

Questions or Comments? E-mail me at

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