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Inactive Financial Institution Letters

Deposit Insurance Coverage
New Electronic Deposit Insurance Estimator (EDIE)
FIL-11-2006
February 2, 2006


Summary: The Federal Deposit Insurance Corporation (FDIC) has released a new expanded version of its Electronic Deposit Insurance Estimator, also known as "Online EDIE," for use by bank customers. With this new version, users can estimate insurance coverage for a wider range of account types. Bank customers can access the new Online EDIE on the FDIC's Web site at http://www.fdic.gov/deposit/deposits/index.html.

Highlights:
  • Online EDIE is a user-friendly Internet application that can help bank customers learn about deposit insurance and estimate insurance coverage on their accounts at an FDIC-insured financial institution.
  • Online EDIE is designed to enable novice computer users to get accurate statements of their deposit insurance coverage. The "Walk Me Through" format is a step-by-step approach that helps users estimate their coverage by entering information about their accounts at an FDIC-insured institution. The "Calculator" format is an all-inclusive approach that allows users to enter all necessary information on one screen.
  • Online EDIE generates a printable report clearly showing the amount of insurance coverage for the user's accounts.
  • Online EDIE can now be used to calculate insurance coverage for business accounts (i.e., accounts owned by corporations, partnerships and unincorporated associations) and simple formal revocable trust accounts. Previously, Online EDIE could only be used to calculate coverage for single accounts, self-directed retirement accounts, joint accounts and informal revocable trust accounts (e.g., payable-on-death and in-trust-for accounts).
Continuation of FIL-11-2006

Distribution:
FDIC-Insured Institutions

Suggested Routing:
Chief Executive Officer
Compliance Officer
Savings/Branch Operations Officer
Training Officer

Related Topics:
FDIC Deposit Insurance Regulations
12 C.F.R. 330

Attachment:
None

Contact:
FDIC Call Center: 1-877-275-3342

Printable Format:
FIL-11-2006 - PDF 46k (PDF Help)

Note:
FDIC financial institution letters (FILs) may be accessed from the FDIC's Web site at www.fdic.gov/news/news/financial/2006/index.html.

To receive FILs electronically, please visit http://www.fdic.gov/about/subscriptions/fil.html.

Paper copies of FDIC financial institution letters may be obtained through the FDIC's Public Information Center (1-877-275-3342 or 703-562-2200).



Financial Institution Letters
FIL-11-2006
February 2, 2006

Deposit Insurance Coverage
New Electronic Deposit Insurance Estimator (EDIE)

The Federal Deposit Insurance Corporation (FDIC) is pleased to announce the release of a new expanded version of its Electronic Deposit Insurance Estimator, also known as "Online EDIE," for use by bank customers. With this new version, users can estimate insurance coverage for a wider range of account types. Bank customers can access the new Online EDIE on the FDIC's Web site at www.fdic.gov/deposit/deposits/index. (The FDIC also has a version of EDIE for bank employees, which is known as "Banker EDIE.")

Online EDIE is a user-friendly Internet application that helps bank customers learn about deposit insurance and estimates the insurance coverage on their accounts at an FDIC-insured financial institution. EDIE enables novice computer users to get accurate statements of their deposit insurance coverage. The "Walk Me Through" format is a step-by-step approach that helps bank customers estimate their coverage by entering information about their accounts at an FDIC-insured institution. The "Calculator" format is an all-inclusive approach that lets users enter all necessary information on one screen. After data are entered, EDIE will generate a printable report clearly showing the amount of insurance coverage for those accounts.

EDIE can accommodate the needs of most individuals and family groups, calculating insurance coverage for both personal and business accounts. Personal accounts include single ownership accounts, self-directed retirement accounts, joint ownership accounts and straight-forward revocable trust accounts (including informal testamentary accounts, such as payable-on-death and in-trust-for accounts) and formal revocable trusts (such as living and family trusts). Business accounts are deposit accounts owned by corporations, partnerships and unincorporated associations, including for-profit and not-for-profit organizations.

The FDIC encourages all insured financial institutions to ensure that their employees understand the deposit insurance rules so customers will receive complete and accurate information about FDIC insurance coverage. In addition to the new Online EDIE, the following FDIC resources are available on the FDIC's deposit insurance coverage Web site at www.fdic.gov/deposit/deposits/index:

  • EDIE-Banker Version allows financial institution personnel to estimate the insurance coverage of customers' accounts quickly and easily. Institutions can only obtain this application by downloading it from the FDIC's Web site or ordering it in a CD-ROM version.
  • Overview on Deposit Insurance Coverage is a 27-minute video that provides bank employees and bank customers with an overview of how deposit insurance works. It focuses on the most common account ownership categories used by individuals and families.
  • Seminar on Deposit Insurance Coverage is a 100-minute video that is targeted to a banker audience. It is a comprehensive presentation on FDIC deposit insurance coverage, describing the rules and requirements for all account ownership categories in detail, with illustrative examples.
  • Inventory of Deposit Insurance Guidance is a deposit insurance resource tool available on CD-ROM that provides bankers all of the resources on the FDIC's rules and requirements for deposit insurance coverage in one CD. This electronic support system is a categorized, searchable source of deposit insurance information.
  • Insuring Your Deposits explains the basic and most common ownership categories of insurance, including individual accounts, self-directed retirement accounts, joint accounts and revocable trust accounts. Most depositors will find that this guide satisfies their information needs.
  • Your Insured Deposits explains in detail all of the deposit insurance categories (including living trust accounts). It is especially useful for larger depositors and those with specific deposit insurance requirements as well as bankers helping depositors with deposit insurance questions.
  • The Financial Institution Employee's Guide to Deposit Insurance is the FDIC's most comprehensive reference on the rules for deposit insurance coverage. It contains a detailed discussion of each account ownership category and provides examples of differing levels of complexity that are not found anywhere else.

For more information about the new Online EDIE or any of the FDIC's deposit insurance resources, contact the FDIC Call Center toll-free at 1-877-275-3342.

Christopher J. Spoth
Acting Director
Division of Supervision and Consumer Protection



Last Updated 03/09/2007 communications@fdic.gov