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NCUA's Press Release on the $250K Share Insurance Extension


The new extension of the $250K deposit insurance became official last week when the President signed the Helping Families Save Their Homes Act into law. Deposits at both FDIC-insured and NCUA-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. The FDIC was fast to post this change at their website. The NCUA wasn't as fast, but it has finally reported on this change in this press release. Here's an excerpt:
May 26, 2009, Alexandria, Va.- The Helping Families Save Their Homes Act of 2009, signed into law May 20, 2009, includes a provision extending $250,000 share insurance coverage provided by the National Credit Union Share Insurance Fund through December 31, 2013. Previously, this level of coverage was set to expire December 31, 2009. The new law also requires NCUA to use the higher $250,000 standard maximum share insurance amount when making decisions about premiums and administering insurance deposit adjustments.

Remember that it's possible to extend coverage past the basic insurance limit via joint accounts and revocable trust accounts. But there are risks related to this (see my post on extending FDIC/NCUA coverage).

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