FDIC

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

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000.00), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit
http://www.fdic.gov/deposit/deposits/unlimited/expiration.html