FDIC Coverage
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 transactiona accounts, visit www.fdic.gov.
Basic FDIC Deposit Insurance Coverage Limits
To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.
| FDIC Coverage Amounts | |
|---|---|
| Single Accounts (owned by one person) | $250,000.00 per owner |
| Joint Accounts (two or more persons) | $250,000.00 per co-owner |
| IRAs and certain other retirement accounts | $250,000.00 per owner |
| Trust Accounts | $250,000.00 per owner per beneficiary subject to specific limitations and requirements |
*** These deposit insurance coverage limits are effective through December 31, 2013 refer to the total of all deposits that an account holder (or account holders) has at each FDIC-insured bank. After December 31, 2013 FDIC insurance will return up to $100,000 per ownership category for basic deposit accounts and up to $250,000 for Traditional Roth IRA’s. 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.
For more information, please visit the FDIC Insurance web site.