Your money is completely safe, sound and secure deposited in an FDIC bank!
FDIC Deposit Insurance Update
The FDIC deposit insurance is permanently set at $250,000 per depositor as of July 21, 2010
Your Insured Deposits
As an FDIC member, Savanna-Thomson State Bank is pleased to inform you that we’ve got your money covered!
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What makes the “insured bank” designation so special is the fact that all FDIC-insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, reviews the operations of insured banks to ensure these standards are met.
Visit http://www.fdic.gov/deposit/index.html for additional information.
FDIC Insurance Coverage Basics
The FDIC - short for the Federal Deposit Insurance Corporation - is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.
Any person or entity can have FDIC insurance coverage in an insured bank. A person does not have to be a U.S. citizen or resident to have his or her deposits insured by the FDIC.
FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC began operation in 1934, no depositor has ever lost a penny of FDIC-insured deposits.
To check whether a bank or savings association is insured by the FDIC, call toll-free at: 877-275-3342 or visit www.fdic.gov/deposit.
Plus you can look for the official FDIC sign where deposits are received. As of 2007, all insured banks display this official mark:
What does FDIC deposit insurance cover?
- FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account (MMDA) or time deposit such as a certificate of deposit (CD).
- FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.
- The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.
- The FDIC does not insure safe deposit boxes or their contents.
- The FDIC does not insure U.S. Treasury bills, bonds or notes, but these investments are backed by the full faith and credit of the United States government.
How much insurance coverage does the FDIC provide?
The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
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 deposits may qualify for more than $250,000 in insurance coverage if the customer’s accounts are deposited in different ownership categories and the requirements for each ownership category are met.
1 In 2006, the U.S. Congress permanently increased the SMDIA for Certain Retirement Accounts to $250,000 per depositor, per insured bank.
The following are the eight ownership categories recognized by FDIC regulations:
- Single Accounts
- Certain Retirement Accounts
- Joint Accounts
- Revocable Trust Accounts
- Irrevocable Trust Accounts
- Employee Benefit Plan Accounts
- Corporation/Partnership/Unincorporated Association Accounts
- Government Accounts
To learn more about these categories and requirements that must be met to have coverage beyond the basic insurance amount visit: http://www.fdic.gov/deposit/deposits/
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