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NOTICE OF CHANGES IN TEMPORARY FDIC
INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
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. It does not include
other accounts, such as traditional checking
or demand deposit accounts that may earn
interest, NOW accounts, Money Market deposit
accounts.
Interest on Lawyers Trust Accounts
("IOLTAs") will receive unlimited coverage
as noninterest-bearing transaction accounts
for two years ending December 31, 2012.
For more information about temporary FDIC
insurance coverage of transaction accounts,
visit
www.fdic.gov.
The Federal Deposit Insurance
Corporation (FDIC) is an independent
agency of the United States
government that protects the funds
depositors place in FDIC-insured
institutions. FDIC deposit insurance
is backed by the full faith and
credit of the United States
government. Since the FDIC was
established in1933, no depositor has
ever lost a single penny of
FDIC-insured funds.
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. FDIC
insurance does not cover other
financial products that insured
banks may offer, such as stocks,
bonds, mutual fund shares, life
insurance policies, annuities or
municipal securities.
The FDIC guarantees all traditional
types of deposit accounts (checking,
savings, trust, money market, CDs)
up to $250,000 and guarantees IRAs
up to $250,000.
Investment products (mutual funds,
annuities, life insurance policies,
stocks and bonds) are not FDIC
insured, may lose value, and are not
bank guaranteed.
The basic
deposit accounts insurance limit
amount is $250,000 per depositor per
insured bank. Certain retirement
accounts (such as Individual
Retirement Accounts [IRAs]) are
insured up to $250,000 per depositor
per insured bank.
If you and your
family have a combined amount of
$250,000 or less in all of your
deposit accounts categories at the
same insured bank, you do not need
to worry about your insurance
coverage, as your deposits are fully
insured.
I have accounts
in multiple categories at a
financial institution. Are all
of my funds insured?
For customers
with accounts in multiple categories
at a single financial institution,
FDIC coverage is based on the
titling of the accounts and the
category of accounts, not the number
of accounts.
For example, a
customer who owns a checking account
and a CD titled in his or her own
name as single owner will receive a
total of $250,000 of combined
coverage for both accounts.
But if that
same customer also has a joint
account (which is a separate
category from individual accounts),
he or she could receive an
additional $250,000 of insurance for
the funds held in the joint account.
Central Bank is participating in the
FDIC's Transaction Account Guarantee
Program. Under that program,
through December 31, 2010,
all noninterest-bearing transaction
accounts are fully guaranteed by the
FDIC for the entire amount in the
account. Coverage under the
Transaction Account Guarantee
Program is in addition to and
separate from the coverage available
under the FDIC's general deposit
insurance rules.
Where can I get
more information about FDIC
insurance?
You may contact
a customer service representative or
visit a
bank location to obtain a copy
of the "FDIC - Your Insured
Deposits" brochure. You may also
call the FDIC at 1.877.ASK.FDIC (1.877.275.3342)
or by visiting
www.fdic.gov
$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
Non-interest Bearing
Transaction Accounts
Unlimited coverage – only at
participating FDIC-insured
banks and savings
associations **
NOTICE OF CHANGES IN TEMPORARY FDIC
INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
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. It does not include
other accounts, such as traditional checking
or demand deposit accounts that may earn
interest, NOW accounts, Money Market deposit
accounts.
Interest on Lawyers Trust Accounts
("IOLTAs") will receive unlimited coverage
as noninterest-bearing transaction accounts
for two years ending December 31, 2012.
For more information about temporary FDIC
insurance coverage of transaction accounts,
visit
www.fdic.gov.
