FDIC Insurance
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, click here.
Basic FDIC Deposit Insurance Coverage Limits*
| Account Type | Coverage Limits |
|---|---|
|
Single Accounts |
$250,000 per owner |
|
Joint Accounts |
$250,000 per co-owner |
|
IRAs and certain other |
$250,000 per owner |
|
Trust Accounts |
$250,000 per owner per beneficiary subject to specific limitations and requirements |
|
Corporation, Partnership and Unincorporated Association Accounts |
$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 |
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 (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
For more information about FDIC insurance please view:
Insured Deposits Information: https://www.fdic.gov/resources/deposit-insurance/
EDIE The Estimator: http://www.fdic.gov/edie/
*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.