On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raised the basic limit on federal deposit insurance from $100,000 to $250,000 per depositor. This temporary increase in deposit insurance coverage became effective immediately upon the President's signature and was initially due to expire December 31, 2009.
On Friday, May 20, 2009 President Barack Obama extended this temporary FDIC coverage through December 31, 2013. This action further supports strong confidence in the nation's banking system, however, it is also important for bank customers to understand the coverage limits. Customers have separate coverage for deposits held in different account ownership categories. For more information, please visit the government's FDIC website where you can calculate your insurance coverage using the FDIC's Electronic Deposit insurance Estimator, or call any one of our customer service representatives at the bank. We are always happy to help.
*Unlimited deposit insurance coverage for non-interest bearing transaction accounts at institutions participating in the FDIC's Transaction Account Guarantee Program is available through December 31, 2009. State Bank of New Prague is participating in this program. The May 20, 2009 extension of the temporary standard insurance amount of $250,000 through 2013 does not apply to the Transaction Account Guarantee Program.