NCUA and FDIC Limits Increased Until 2013

It’s official, the NCUA (National Credit Union Administration) and the FDIC have increased the insurance limits on accounts to $250,000 until December 31st, 2013.

For many years, the limit was $100,000 per account, until the emergency limit raising to $250,000 until the end of this year was done to help the bank crisis situation. Well it looks like they have decided to keep it at that level until the end of 2013.

Per the FDIC Fact Sheet it says “On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.” My thoughts on this is that it will be very hard for them in 2013 to lower it since everyone will be acustomed to it that have that kind of money. Now as for all of those that don’t have anywhere near that amount in the bank, me included, you probably don’t really care about this. The only nice thing about it is that this will allow rich people to keep their money in the bank, which should hopefully solve this bank failure issue.

If you have even more than $250,000 and you don’t want to give me any, there are ways to be insured on more than $250,000 in the same account depending on how you set it up. You can always open an account at another bank which would also allow you to insure up to another $250,000.

Here’s to having that kind of money some day!

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