FDIC INSURANCE
IMPORTANT FDIC INSURANCE INFORMATION
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 and interest on Lawyer Trust Accounts (IOLTA). 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.
The FDIC Provides Separate Insurance Coverage for Deposits Held in Different Ownership Categories
The coverage limits shown below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart below shows the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met. For more information about insurance coverage, visit http://www.fdic.gov/edie or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday - Friday 8am- 8pm EST.
Basic FDIC Deposit Insurance Coverage Limits**
| Single Accounts (owned by one person) |
$250,000 per owner
|
| Joint Accounts (two or more persons) |
$250,000 per co-owner
|
| IRAs and certain other retirement accounts |
$250,000 per owner
|
| Trust Accounts |
$250,000 per owner per beneficiary
subject to specific limitations and requirements
|
| Corporation, Partnership and Unincorporated |
$250,000 per corporation, partnership or unincorporated association
|
| Employee Benefit Plan Accounts |
$250,000 for the non-contingent, ascertainable interest of each participant
|
| Government Accounts |
$250,000 per official custodian
|
Non-interest Bearing Transaction Accounts
(see above) |
Unlimited Coverage
|
**The FDIC has eased the rule governing "revocable trust accounts" that pass to named beneficiaries when the account owner dies. Now an account owner can name any person or charity as a beneficiary and the owner will qualify for the additional deposit insurance coverage.
