Excess FDIC private deposit insurance now available. (Federal Deposit Insurance Corp.) (Brief Article)

Private deposit insurance applying to deposits exceeding the Federal Deposit Insurance Corporation (FDIC) $100,000 limit is now available in most states.

Over half of 1992 bank failures led to losses by uninsured depositors. Over 21,000 bank account holders had uninsured deposits totaling $600 million, leading to actual losses currently exceeding $200 million. Particularly hard hit were small businesses and retirees.

Known as DEPOSITSURE, the excess deposit insurance is sold directly to bank account holders at rates comparable to those the FDIC charges banks for its coverage (about $.25 annually for each $100 of insurance). It is available …