The Federal Deposit Insurance Corportion (FDIC) insures deposits in banks and thrift institutions, assuring bank customers that their savings and checking accounts are safe.

On Friday, October 3, 2008, President Bush signed into law the Emergency Economic Stabilization Act of 2008 after the Senate and House passed legislation which temporarily increases deposit insurance coverage from $100,000 to $250,000 per depositor — through December 31, 2009. The legislation provides that the basic deposit insurance limit will return to $100,000 after December 31, 2009.

Currently, the coverage limits are $250,000 per depositor per bank for individual, joint, and trust accounts, and $250,000 for self-directed retirement accounts. Business accounts are also insured up to $250,000.