As you may know, the FDIC has raised the deposit insurance from $100,000 to $250,000. The catch is this is a temporary increase set to expire on December 31, 2009. Many banks and credit unions are advertising this increase under a campaign of “Safer than Ever.” While the message is reassuring it’s not correct.
To be accurate it should be “Temporarily, Safer than Ever” or maybe “Safer than Ever, For Now.” To market this as a safer than ever benefit, I would think it would be attached to a permanent increase in the insurance and not a temporary increase. I don’t have any problem with the increase, or the decrease in December of next year. I just don’t understand why you’d advertise something as safer than ever when you know it will be less safe in a year.