FDIC Celebrates 75 Years as "Pillar of American Banking System"
The FDIC has issued a press release celebrating its 75th anniversary. "Deposit insurance has given consumers peace of mind that their insured money is safe. We at the FDIC are very proud to say that no depositor has ever lost a penny of insured funds at an FDIC-insured institution. As bank customers age and accumulate wealth in savings and retirement accounts, now more than ever, it's important for people to know their deposit insurance limits," Chairman Sheila C. Bair said today.
In remarks commemorating the FDIC's 75th anniversary, Bair announced an education campaign designed to raise awareness about deposit insurance limits. The campaign includes national advertising, a multi-city outreach effort, and an award program for outstanding work in financial education. Advertising will appear in major daily newspapers, news magazines, and lifestyle publications to increase awareness about deposit insurance limits.
The basic insurance amount for funds in FDIC-insured banks is $100,000 -- per depositor, per bank. Certain retirement accounts are insured up to $250,000 per depositor, per bank. It is possible to obtain coverage above the limits based on how accounts are structured. The FDIC encourages consumers to learn more about deposit insurance limits by visiting http://www.fdic.gov, calling toll-free 1-877-ASK-FDIC or asking their FDIC-insured bank.
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