TITLE

FDIC Raises Deposit Insurance Coverage for Retirement Accounts

PUB. DATE
April 2006
SOURCE
Financial Update;Apr-Jun2006, Vol. 19 Issue 2, p14
SOURCE TYPE
Trade Publication
DOC. TYPE
Article
ABSTRACT
The article reports that the U.S. Federal Deposit Insurance Corp. (FDIC) has approved rules that raised deposit insurance coverage on certain retirement accounts at a bank or savings institution to $250,000 from $100,000. The increased coverage applies to a variety of retirement accounts, primarily individual retirement accounts, Keogh accounts, employer-sponsored 401(k) accounts, and some retirement accounts for state government employees. Under the new rules, an individual's deposits at an FDIC-insured bank or National Credit Union Administration-insured credit union that fall into the covered categories are added together, and that total is insured up to $250,000.
ACCESSION #
21589963

 

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