FDIC Insurance Info

Your accounts are insured through the FDIC (Federal Deposit Insurance Corporation).  More information on FDIC insurance is available by visiting www.fdic.gov or www.fdic.gov/edie.  The Edie website has an estimator of deposit insurance coverage based information you input into the calculator.  It also has a Frequently Asked Question section which covers a wide variety of scenarios.

Each depositor is insured to at least $250,000.  FDIC insurance can be maximized through account titling and designating beneficiaries.  IRA accounts are insured to $250,000 separately from all other funds of the depositor.

“Noninterest-bearing transaction accounts” are insured in full by the FDIC through Dec. 31, 2012.  This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to deposits 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 also includes Interest on Lawyers Trust Accounts (“IOLTAs”).

It does not include other accounts, such as traditional checking accounts or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.