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FDIC Increases Maximum Amount It Will Automatically Insure for Bank Customers |
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The FDIC deposit insurance has temporarily increased from $100,000 to $250,000 per depositor through December 31, 2013. This means customer deposits at Citywide Banks are automatically insured by the FDIC to at least $250,000 per depositor. Self-directed retirement accounts are separately insured up to $250,000 and joint and revocable trust accounts are separately insured based on the number of owners and beneficiaries.
There is no need for Citywide Banks depositors to apply for FDIC insurance or even to request it. Coverage is automatic. To ensure funds are fully protected, Citywide Banks customers should understand their deposit insurance coverage limits. While the typical depositor is adequately covered by the new $250,000 basic coverage level, it is possible to have funds insured above this level. Under FDIC rules, you may qualify for more than $250,000 in coverage if you own deposit accounts in different ownership categories such as single deposit accounts, joint deposit accounts, revocable trust accounts and certain self-directed retirement accounts. 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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Basic FDIC Deposit Insurance Coverage Limits* |
Single Accounts (owned by one person) |
$250,000 per owner** |
Joint Accounts (two or more persons) |
$250,000 per co-owner** |
IRAs and certain other retirement accounts |
$250,000 per owner |
Trust Accounts |
$250,000 per owner per beneficiary subject to specific limitations and requirements** |
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*These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or
accountholders) has at each FDIC-insured bank. The listing above shows only the most common
ownership categories that apply to individual and family deposits, and assumes that all FDIC
requirements are met.
** The legislation authorizing the increase in deposit insurance coverage limits makes the change
effective October 3, 2008, through December 31, 2013.
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