Are you Insured?
The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC insures deposits that a person holds in one insured bank separately from any deposits that the person owns in another separately charted insured bank. For example, if a person has a certificate of deposit at Bank A and has a certificate of deposit at Bank B, the accounts would each be insured separately up to $250,000. Funds deposited in separate branches of the same insured bank are not separately insured. The FDIC provides separate insurance coverage for funds depositors may have in different categories of legal ownership. The FDIC refers to these different categories as "ownership categories." This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage if the customer's funds are deposited in different ownership categories and the requirements for each ownership category are met.
Summary of Trust Rule Change: As of April 1, 2024, the maximum insurance coverage for a trust owner with five or more beneficiaries is $1,250,000 per owner for all trust accounts (including POD/ITF, revocable, and irrevocable trusts) held at the same bank. Depositors can name as many beneficiaries as they wish, however the coverage limit will not exceed $1,250,000 as of April 1, 2024. This coverage applies to both existing and new trust accounts, for all deposit products, including CDs regardless of purchase or maturity date.
To calculate your deposit insurance coverage use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie
For questions about FDIC coverage limits and requirements visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank
Routing # 091913180 | Member FDIC |