How Do I Insure Funds in My Bank Account After FDIC Insurance?

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After FDIC insurance, you have a few particular options to explore when it comes to insuring the funds in your bank account. Learn about how to insure the funds in your bank account after FDIC insurance with help from an accounting professional in this free video clip.

Part of the Video Series: Accounting & Finance
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Video Transcript

Hi, I'm Lori Greer from Atlanta, Georgia, and I'm here to explain how do I insure funds in my account after FDIC insurance? Just a little history, in 1933, Congress established the Federal Deposit Insurance Corporation or FDIC due to 4,000 banks closing that year, causing creditors to lose their deposits. Currently, the limit has been increased from 100,000 dollars to 250,000 dollars. And that's good through December 31st, 2013. Because the bank itself has to pay the insurance premium to the FDIC, there's no way for an individual to increase his coverage. Nor do other insurers offer supplemental coverage. However, due to the way the FDIC covers accounts, you can work around this and spread your deposits over multiple accounts, at multiple banks, and protect larger amounts. Again, I'm Lori Greer from Atlanta, Georgia. and that's how you insure funds in your account after FDIC insurance.

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