Michigan Estate Planning & Elder Law

FDIC Calculator -- Are Your Bank Accounts Covered?

“EDIE the Estimator”.  EDIE is short for the Electronic Deposit Insurance Estimator, a calculator created by the FDIC to calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts.  EDIE will let you print a report for each bank, letting you know whether your deposits are within or exceed coverage limits.  Click on the link below to check your accounts:

EDIE THE ESTIMATOR

Boring But Important . . . New Simplified FDIC Insurance Rules For Trusts

The FDIC is adopting an interim rule to simplify its deposit insurance rules for revocable trust accounts.  The FDIC's main goal in implementing these revisions is to make the rules easier to understand and apply, without decreasing coverage currently available for revocable trust account owners. 

Under the new rules, a trust account owner with up to five different beneficiaries named in all his or her revocable trust accounts at one FDIC-insured institution will be insured up to $100,000 per beneficiary.  Revocable trust account owners with more than $500,000 and more than five different beneficiaries named in the trust will be insured for the greater of $500,000 or the aggregate amount of all the beneficiaries’ interests in the trust, limited to $100,000 per beneficiary.

 

The effective date of the interim rule is September 26, 2008.  A full discussion of the new rules can be found at:

Link To Full Discussion Of New FDIC Rules