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FDIC Permanently Increases Maximum Amount It Will Automatically Insure for Bank Customers |
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The FDIC deposit insurance has permanently increased to $250,000 per depositor, per insured bank. This means that customer deposits at Citywide Banks are automatically insured by the FDIC to the standard insurance amount of $250,000 per depositor for each ownership category.
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.
The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
If you have questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or contact your Citywide Banks representative.
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Standard 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 (including 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 unicorporated 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 |
| *Note: From December 31, 2010 through December 31, 2012, at all FDIC-insured institutions, deposits held in noninterest-bearing transaction accounts will be fully insured regardless of the amount in the account. |
To calculate your deposit insurance coverage:
Click here to use the FDIC's Electronic Deposit Insurance Estimator (EDIE) |
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