On October 3, 2008 the "Emergency Economic Stabilization Act of 2008" was signed into law which may temporarily increase federal deposit insurance coverage from $100,000 to $250,000. The new law amends the share insurance coverage provided by the National Credit Union Administration (NCUA) through the National Credit Union Share Insurance Fund (NCUSIF) and the deposit insurance provided by the Federal Deposit Insurance Corporation (FDIC). The law increasing insurance coverage became effective on October 3, 2008, and is scheduled to be place through December 31, 2009 and perhaps remain permanently.
The new law provides the following:
An increase in the minimum NCUSIF coverage from $100,000 to $250,000 on member share accounts. This includes all account types, such as regular share, share draft, money market, and certificates of deposit. Individual Retirement Account and Keogh account coverage remains unchanged at up to $250,000 separate from other types of accounts owned.
