FDIC Deposit Insurance
Notice of Changes in Temporary FDIC Insurance
Coverage for
Transaction Accounts
All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (“IOLTAs”). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
FDIC Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the
United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.
The standard insurance amount currently is $250,000 per depositor, per insured bank.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to www.fdic.gov/deposit/deposits.)
The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
| FDIC Deposit Insurance Coverage Limits by account ownership category* | |
Single Accounts (owned by one person) |
$250,000 per owner |
Joint Accounts (two or more persons) |
$250,000 per co-owner |
Certain Retirement Accounts (includes IRAs) |
$250,000 per owner |
Revocable Trust Accounts |
$250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements) |
Corporation, Partnership and Unincorporated Association Accounts |
$250,000 per corporation, partnership or unincorporated association |
Irrevocable Trust Accounts |
$250,000 for the non-contingent, ascertainable interest of each beneficiary |
Employee Benefit Plan Accounts |
$250,000 for the non-contingent, ascertainable interest of each plan participant |
Government Accounts |
$250,000 per official custodian |
To calculate your deposit insurance coverage
Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.
For questions about FDIC coverage limits and requirements
Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.
We welcome the opportunity to speak with you about the safety provided by FDIC insurance. Please call or stop by any of our branches.
*These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.
