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FDIC Information
Links and contact information
to the FDIC is provided as a
courtesy
to our customers and is not controlled by our
Privacy Policy.
NOTICE OF CHANGES IN TEMPORARY FDIC
INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS |
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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 does not include
other accounts, such as traditional checking
or demand deposit accounts that may earn
interest, NOW accounts, Money Market deposit
accounts.
Interest on Lawyers Trust Accounts
("IOLTAs") will receive unlimited coverage
as noninterest-bearing transaction accounts
for two years ending December 31, 2012.
For more information about temporary FDIC
insurance coverage of transaction accounts,
visit
www.fdic.gov.
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Who is the
FDIC?
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The Federal Deposit Insurance
Corporation (FDIC) is an independent
agency of the United States
government that protects the funds
depositors place in FDIC-insured
institutions. FDIC deposit insurance
is backed by the full faith and
credit of the United States
government. Since the FDIC was
established in1933, no depositor has
ever lost a single penny of
FDIC-insured funds.
There is no need for depositors
to apply for FDIC insurance or even
to request it; coverage is
automatic. FDIC insurance covers
funds in deposit accounts, including
checking and savings accounts, money
market deposit accounts and
certificates of deposit. FDIC
insurance does not cover other
financial products that insured
banks may offer, such as stocks,
bonds, mutual fund shares, life
insurance policies, annuities or
municipal securities.
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What does the
FDIC insure?
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The FDIC
guarantees all traditional types of
deposit accounts (checking, savings,
trust, money market, CDs) up to
$250,000 and guarantees IRAs up to
$250,000.
Investment
products (mutual funds, annuities,
life insurance policies, stocks and
bonds) are not FDIC insured, may
lose value, and are not bank
guaranteed.
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What is the
insurance limit?
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The basic
deposit accounts insurance limit
amount is $250,000 per depositor per
insured bank. Certain retirement
accounts (such as Individual
Retirement Accounts [IRAs]) are
insured up to $250,000 per depositor
per insured bank.
If you and your
family have a combined amount of
$250,000 or less in all of your
deposit accounts categories at the
same insured bank, you do not need
to worry about your insurance
coverage, as your deposits are fully
insured.
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I have accounts
in multiple categories at a
financial institution. Are all of my funds insured?
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For customers
with accounts in multiple categories
at a single financial institution,
FDIC coverage is based on the
titling of the accounts and the
category of accounts, not the number
of accounts.
For example, a
customer who owns a checking account
and a CD titled in his or her own
name as single owner will receive a
total of $250,000 of combined
coverage for both accounts.
But if that
same customer also has a joint
account (which is a separate
category from individual accounts),
he or she could receive an
additional $250,000 of insurance for
the funds held in the joint account.
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Where can I get
more information about FDIC
insurance?
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You may contact
a customer service representative or visit a
bank
location to obtain a copy of
the "FDIC - Your Insured Deposits"
brochure. You may also call the FDIC
at 1.877.ASK.FDIC (1.877.275.3342)
or by visiting
www.fdic.gov
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Basic FDIC Deposit Insurance
Coverage Limits*
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Single Accounts (owned by
one person) |
$250,000 per
owner |
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| Joint
Accounts (two or more
persons) |
$250,000 per co-owner |
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| IRAs and certain other
retirement accounts |
$250,000 per owner |
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| Trust
Accounts |
$250,000 per owner per
beneficiary subject to
specific limitations and
requirements |
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Corporation, Partnership and
Unincorporated Association
Accounts |
$250,000 per
corporation, partnership or
unincorporated association |
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| Employee
Benefit Plan Accounts |
$250,000 for the
non-contingent,
ascertainable interest of
each participant |
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| Government
Accounts |
$250,000 per official
custodian |
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Non-interest Bearing
Transaction Accounts |
Unlimited coverage –
only at participating
FDIC-insured banks and
savings associations ** |
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 does not include
other accounts, such as traditional checking
or demand deposit accounts that may earn
interest, NOW accounts, Money Market deposit
accounts.
Interest on Lawyers Trust Accounts
("IOLTAs") will receive unlimited coverage
as noninterest-bearing transaction accounts
for two years ending December 31, 2012.
For more information about temporary FDIC
insurance coverage of transaction accounts,
visit
www.fdic.gov.
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to Top |
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