$250,000 FDIC Insurance Coverage Extended

If you haven't heard the news, the temporary increase in FDIC insurance coverage was extended until 2014.

According to the FDIC:

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 which will remain at $250,000 per depositor

Last October, the limit was raised to discourage bank runs, but the guarantee was set to expire at the end of this year. This gives high-dollar depositors a lot more room to breathe, and should help support confidence in the banking system. At the same time, it exposes the FDIC and taxpayers to additional risks that they may not have expected. Let's hope all goes well.

If you need to manage your FDIC coverage, there are several ways you can do so:

• How to Maximize FDIC Coverage

With continued bank failures, it's probably worth your time.

Further reading:

• How FDIC Insurance Works
• Should FDIC Coverage be Increased?
• Are My Accounts Safe?