This week, President Obama signed a law that includes provisions that extend the $250,000 FDIC & NCUA deposit insurance limit to December 31st, 2013.
Last year, FDIC and NCUA deposit insurance was temporarily increased from $100,000 to $250,000 until the end of this year. This past week, President Obama signed the Helping Families Save Their Homes Act of 2009 (S.896) which includes provisions that extends the FDIC and NCUA deposit insurance limit of $250,000 until December 31, 2013.
The bulk of the bill deals with mortgages, foreclosures, and all that great wonderfulness, so deposit insurance took a back seat in terms of limelight. If $250,000 of coverage isn’t enough and you don’t feel like opening up numerous bank accounts, you can always $50 million in FDIC insurance through the CDARS program.
Jim writes about personal finance at Bargaineering.com.