FDIC or the Federal Deposit Insurance Corporation is responsible for insuring the monies deposited by you in your bank or saving associations. Not all savings or deposits are insured; not all banks and the deposits that lie therein are covered by FDIC; also, not all deposits are insured entirely. Legal limits for federal deposit insurance vary from a hundred thousand dollars to two hundred and fifty thousand dollars as maximum limits that are insured in a deposit. Then, there are rules and regulations that are made by FDIC to help administer its role as a deposit insurer and protector of consumer rights. This article has some tips on how to understand recent changes in FDIC insurance.
The FDIC maintains a very comprehensive website at http://www.fdic.gov/ . At the home page there are very convenient links that have been collated and listed by the kind folks at FDIC. Depending on the nature of your usage, whether you are a bank, a consumer, an analyst, an investor or a member of the press you can choose the link relevant to you for updating yourself on FDIC information and changes therein. In fact, there is even a Spanish link for non-English users.
Periodically, the FDIC issues financial institution letters that state the changes that have been made to FDIC insurance and deposit coverage provided by them. There is a summary of the change provided at top of the letter and a detailed description follows.
This is one of the most comprehensive websites that I have found. Besides containing a mountain of very useful information for all classes of people accessing it, it even has Quick links depending upon the nature of users. Then there is a classification based on information categories followed by a shortcuts link and what they interestingly call as bread crumb trails - in other words these are live links to products in various places within the FDIC website which contain information surrounding the link. This helps you to locate information easily without having to go through information that does not have much relevance to you. Finally there is an option for a full text search where you get to define and search catch phrases and terms. They even take care to maintain all files and links in html format and those few files that are in other formats like PDF are not more than 50k in size to assist in quick downloads.
Of course, one should also make extensive usage of the Frequently Asked Questions that seem to be quite regularly updated to even include the changes in FDIC insurance.
If you are one of those people whose jobs require that you regularly update yourself on changes to FDIC insurance like for example if you are a banker or a savings association officer responsible for regularly reporting to the FDIC on deposits held, it is best served if you regularly read the financial institution letters for changes that affect your functions.
Also consider signing up for the FDIC email subscription service and receive alerts, news letters, news releases and statistical information all from the FDIC on a regular basis.
All of this should certainly help keep updated on changes in FDIC insurance.
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