NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterestbearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit https://www.fdic.gov/consumers/consumer/news/cnwin1213/coverageupdate.html

 

 The following information was provided by www.fdic.gov
For questions concerning FDIC Coverage, please visit the FDIC's website
at www.fdic.gov/deposit/deposits , call toll-free at 1-877-ASK-FDIC or stop in to your local branch office.

 

FDIC Deposit Insurance Coverage

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the
United States government that protects the funds depositors place in banks and savings associations. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account 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. (For details on the requirements, go to www.fdic.gov/deposit/deposits .)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. 

 
FDIC Deposit Insurance Coverage Limits1
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
includes 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 unincorporated 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
To calculate your deposit insurance coverage
Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie.
  
For questions about FDIC coverage limits and requirements
Visit 
www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.
1Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC-insured institutions