Consumers will benefit directly from a provision in the new Emergency Economic Stabilization Act that immediately increases the basic FDIC insurance coverage limits on your money in insured financial institutions to $250,000, according to The Stephenson National Bank & Trust (SNB&T). The new increased limits are fixed through December 31, 2009.

“There has never been a better time to keep your money in the bank,” explained John Reinke, president, SNB&T. “The new temporary increased coverage not only applies to accounts held by individuals, but also to accounts held by corporations, partnerships, limited liability companies and municipalities.”

There is no cost to the public for the FDIC insurance coverage as it is paid for through assessments on insured financial institutions. After December 31, 2009, the basic FDIC insurance coverage limit will be $100,000 except for certain retirement accounts, like IRAs, which will continue to receive FDIC insurance coverage up to $250,000.

FDIC insurance covers all types of deposits received by you at an insured bank, including deposits in checking, NOW, and savings accounts, money market deposit accounts, and certificates of deposit (CDs). Safe deposit boxes, and their contents, are not insured.

Remember, even under the prior FDIC insurance limits, there are ways to easily and legally structure your accounts at a single financial institution to receive FDIC insurance coverage in amounts greater than the basic insurance limit.  Under the new temporary increased limits, for example, a husband and wife by themselves could structure multiple accounts to easily receive up to $2 million in FDIC insurance coverage, while a family of four could receive up to $3 million in FDIC insurance coverage at one insured institution. Contact your local banker to understand how the new temporary increased coverage specifically benefits you.

“You can sleep well at night knowing your money at SNB&T or any insured financial institution is protected by FDIC insurance coverage,” continued Reinke.  “No one has ever lost a penny of insured deposits in the 75 years of FDIC’s existence.”

The Stephenson National Bank & Trust is a 133-year old independent community bank with assets of $236 million and Trust assets exceeding $196 million.  Offices are located in Marinette and Oconto, Wis. and Menominee, Mich. For more information about The Stephenson National Bank & Trust visit www.snbt.com.