Temporary increase of NCUA insurance to $250,000 in Rescue Bill

On October 3, President Bush signed the Emergency Economic Stabilization Act of 2008. This law includes a temporary increase in federal insurance on savings to $250,000 per account for both NCUA-insured credit unions and FDIC-insured banks.

Unfortunately, many in the media are forgetting to mention that credit unions and NCUA are part of this law. They only mention FDIC which is causing undue concern among many credit union members around the country.

CNN.com reported the temporary increase to $250,000 per account at federally-insured credit unions and banks expires in December 2009. Deposit insurance limits are scheduled to begin rising with inflation in 2011 based on legislation passed in 2005.

While this is good news for consumers who are nervous about the economy, it is already very easy to increase coverage well beyond $100,000 for savings (note there is already $250,000 coverage for IRAs). For details on how to increase your coverage, visit NCUA insurance information. It is expected you will be able to simply substitue $250,000 for $100,000 in the examples through the end of 2009.

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