Remember when the FDIC raised their insurance limits from $100k/depositor to $250k/depositor? That extended coverage was set to expire at the end of this year. This left some savers wondering what would happen if the increased limits were allowed to expire.
Well… Just a few days ago, the FDIC announced that the expanded limits would be in place for an additional four years, saying:
Deposits at FDIC-insured institutions are now insured up to at least $250, 000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100, 000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250, 000 per depositor.
In case you’re curious, the increased NCUA coverage limits have likewise been extended. It’ll be interesting to see if anything changes between now and the end of 2013, or if the coverage limits will be allowed to fall back to $100k.