FDIC Coverage Information
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, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html
FEDERAL DEPOSIT INSURANCE CORPORATION (FDIC)
The FDIC is an independent agency of the United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.
The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
FDIC DEPOSIT INSURANCE COVERAGE
The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an account holder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
FDIC DEPOSIT INSURANCE COVERAGE LIMITS BY ACCOUNT OWNERSHIP CATEGORY
| Single Accounts owned by one person |
$ 250,000 per owner |
|---|---|
| Joint Accounts owned by two or more persons |
$ 250,000 per co-owner |
| Certain Retirement Accounts includes IRAs |
$ 250,000 per owner |
| Revocable Trust Accounts | $ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements) |
| Corporation, Partnership and Unincorporated Association Accounts | $ 250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $ 250,000 for the non-contingent, ascertainable interest of each beneficiary |
| Employee Benefit Plan Accounts | $ 250,000 for the non-contingent, ascertainable interest of each plan participant |
| Government Accounts | $ 250,000 per official custodian |
THE MORE YOU KNOW ABOUT FDIC DEPOSIT INSURANCE COVERAGE, THE SAFER YOUR MONEY.
There is no need for depositors to apply for FDIC insurance or even to request it; coverage is automatic, up to the insurance limits described above, whenever a deposit account is opened at First United Bank & Trust.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to www.fdic.gov/deposit/deposits.)
To learn more about the FDIC’s insurance coverage rules and requirements, refer to the resources listed below.
CALCULATE INSURANCE COVERAGE
- Use the FDIC’s online Electronic Deposit Insurance Estimator here.
- Read more about FDIC insurance online visit www.fdic.gov/deposit/deposits
- Call toll-free at 1-877-ASK-FDIC (1-877-275-3342) Hearing impaired line 1-800-925-4618
- Mail questions:
Deposit Insurance Outreach
Division of Depositor and Consumer Protection
550 17th Street, NW
Washington, DC 20429
CONTACT FIRST UNITED
If you should have any questions regarding FDIC coverage or would like to learn about additional coverage opportunities available through the First United CDARS program, contact us today at 1-888-692-2654 or by filling out this form.