Legal Alert
 
 
October 6, 2008

 

Federal Deposit Insurance Increase and Signage Change Effective Immediately

(as of October 3, 2008)

 

Pursuant to the federal Emergency Economic Stablization Act of 2008 signed into law on Friday, October 3, 2008, effective immediately deposit insurance is increased to $250,000 per depositor.

FDIC has indicated that it will be providing guidance regarding signage at banking institutions. In the meantime, insured institutions may post the following statement, or affix a sticker with the following statement, next to the official FDIC sign:

 

"On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009." 

 



For additional guidance on any of these laws and issues, please contact any of the undersigned.