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FDIC Consumer News - Spring 1999

Important Update: Changes in FDIC Deposit Insurance Coverage

The FDIC deposit insurance rules have undergone a series of changes starting in the fall of 2008. As a result, certain previously published information related to FDIC insurance coverage may not reflect the current rules. For details about the changes, visit Changes in FDIC Deposit Insurance Coverage. For more information about FDIC insurance, go to www.fdic.gov/deposit/deposits/index.html or call toll-free 1-877-ASK-FDIC (1-877-275-3342). For the hearing-impaired, the number is 1-800-925-4618.

6. Sorry, that is incorrect.

The correct answer is "True." Under the new insurance rules that went into effect April 1, 1999, each person's shares in all joint accounts at an institution are covered to $100,000 in total. This couple's joint accounts therefore would be insured up to $200,000 (assuming they have no other joint accounts at the same institution). This is simpler and more straightforward than the "old" rules, which many consumers misunderstood.

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Last Updated 07/28/1999 communications@fdic.gov