Keep Your Deposits Insured


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FDIC GENERAL DEPOSIT INSURANCE RULES

Our bank is a member of the Federal Deposit Insurance Corporation (FDIC), which means when you place deposits in our bank, they are automatically insured by the FDIC. The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. However, there are many ways to structure your accounts so your deposits are insured for more than $250,000.

The FDIC provides separate insurance coverage for deposits you may have in different categories of legal ownership. The FDIC refers to these different categories as “ownership categories.” This means if you have multiple accounts, they may qualify for more than $250,000 in insurance coverage if your funds are deposited in different ownership categories and the requirements for each ownership category are met. We encourage you to visit us at the bank for assistance in structuring your accounts to maximize your FDIC coverage. You can also visit the FDIC’s website.

Types of Ownership Categories:

Here is an example of how you could be covered up to $1,000,000:

Account Owner Deposit Type Account Balance
Jane Bank Savings Account $250,000
John Bank Savings Account $250,000
Jane & John (50-50 Ownership) Bank Savings Account $500,000 ($250,000 per person)
Total Deposits $1,000,000
Amount Insured $1,000,000

Deposit types include Bank Checking Accounts, Money Market Accounts, Savings Accounts, IRA Savings and CD’s.

The FDIC offers various resources to help you determine how to make the most of your coverage. Click here to access the FDIC’s Electronic Deposit Insurance Estimator. Click here to access the FDIC’s tutorials to help you maximize your coverage.