Good news for those with a lot of dough in the bank
You won't have to stash your cash in as many different banks now. The financial overhaul bill President Obama signed today permanently raises the Federal Deposit Insurance Corp.'s deposit insurance to $250,000 per depositor.
The insurance had been temporarily raised from $100,000 to $250,000 on Oct. 3, 2008. It was originally scheduled to expire on Dec. 31, 2010, but was temporarily extended to Dec. 31, 2013.
"With this permanent increase of deposit insurance coverage to $250,000, depositors with CDs above $100,000 but below $250,000 will no longer have to worry about losing coverage on those CDs maturing beyond 2013," said FDIC Chairman Sheila Bair.
