FDIC limit increased to $250,000

This information was emailed to us earlier today..... I hope you find it beneficial

The U.S. Congress has approved, and the President has signed into law, a plan to help stabilize the financial markets. This plan, among other things, temporarily increases Federal Deposit Insurance Corporation (FDIC) coverage from $100,000 to $250,000 on traditional deposit accounts (checking, savings, trust, money market savings and CDs). This increase applies to both new and existing accounts and is temporary through December 31, 2009.

Bank of America strongly supports these efforts by Congress and the Treasury to ensure the continued flow of credit to both large and small businesses and to consumers. Credit availability is essential to the functioning of our economy, and the asset purchase program established in the bill will help restore liquidity to the credit markets. The legislation, in combination with other recent policy actions, is intended to address the current blockages in financial markets that threaten the country's economic vitality.

 Answers to potential questionsAll traditional types of Bank of America deposit accounts (checking, savings, trust, money market, CDs) will now be insured up to $250,000, temporarily through December 31, 2009. As previously stated, Bank of America and Countrywide Bank account holders continue to be insured separately at both banks up to these FDIC limits.

How are Bank of America customers and their accounts affected?

What changes should Bank of America customers expect as a result of this legislation?

 Bank of America continues to operate business-as-usual. The only change resulting from the bill's passage is the increase in the FDIC limits.

What accounts are covered by this insurance increase?

All new and existing traditional types of Bank of America deposit accounts (checking, savings, trust, money market, CDs) are eligible.

When do the changes to FDIC limits take place?

These changes are effective as of October 3, 2008.

Do these increases in FDIC limits affect IRA accounts?

No. IRA accounts continue to be covered up to $250,000.

Where can someone go for more information about FDIC coverage?

Customers can contact the FDIC at 1-877-ASK-FDIC (1-877-275-3342) or by visiting www.fdic.gov.

NOTE:

 IMPORTANT: The FDIC rules can get very complicated when a customer has multiple accounts - please refer customers to FDIC resources (see above) for more thorough explanations.