FDIC extends deposit guarantees

Yesterday, the FDIC (Federal Deposit Insurance Corp.) announced that it will extend the term of its enhanced deposit guarantee program. According to their official website:

Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor.

This is great news and should help investors maintain confidence in the banking sector.