Don't worry. The $250,000 FDIC guarantee is not going away tomorrow. On May 20th, legislation was signed by the President which extended the temporary $250,000 coverage limit expiration from December 31, 2009 to December 31, 2013.
Here are the official details of the $250,000 guarantee from the FDIC:
Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts (including IRAs) which will remain at $250,000 per depositor. (This supersedes the October 3, 2008 changes.)
This same $250,000 coverage limit also applies to federally insured credit unions. Refer to the NCUA website for details.
Confusion with FDIC's Transaction Account Guarantee Program?
Perhaps someone at NBC was reading an old report before May 20th. They may have also confused this $250K guarantee with the Full Guarantee Program for non-interest accounts. As this SFGate article describes, many banks are ending their participation at the start of the new year in the FDIC's Transaction Account Guarantee Program which provides depositors with unlimited coverage for noninterest-bearing transaction accounts. This program was designed mostly for businesses which require large balances in bank accounts to meet payroll and for other business needs. I hope individuals are not keeping this much money in non-interest accounts.
Here are the official details of the Transaction Account Guarantee Program from the FDIC:
The FDIC extended its temporary Transaction Account Guarantee Program through June 30, 2010. This program provides depositors with unlimited coverage for noninterest-bearing transaction accounts at participating FDIC-insured institutions. The unlimited coverage applies to all personal and business checking deposit accounts that do not earn interest (including Demand Deposit (DDA) accounts), low-interest NOW accounts (NOW accounts that cannot earn more than 0.5% interest), Official Items, and IOLTA accounts.