FDIC Insurance Increased
Increase to benefit Citizens Commerce Customers
On October 3, 2008, FDIC deposit insurance temporarily
increased from $100,000 to $250,000 per depositor through
December 31, 2009. This increase will allow customers to
place more money with Citizens Commerce under FDIC
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects customers from the loss of insured deposits if an FDIC-insured institution fails. The deposit insurance is backed by the U.S. government, and since the FDIC was established, no depositor has ever lost a single penny of FDIC funds.
FDIC insurance covers funds in deposit accounts, including checking accounts, savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to $250,000 per customer at each FDIC-insured bank. FDIC insurance does not cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
Since FDIC coverage is automatic at every FDIC-insured institution, customers do not need need to apply for or even request FDIC insurance. However, depositors should understand their coverage limits. Every customer is covered for $250,000 dollars at each FDIC-insured bank he deposits money into; however, deposits can be structured so that amounts over $250,000 are fully insured.
Basic FDIC Deposit Insurance Coverage Limits1
|Single Accounts (One accountholder)||$250,000 per owner2|
|Joint Accounts (Two or more accountholders)||$250,000 per co-owner2|
|IRAs and certain other retirement accounts||$250,000 per owner|
| Trust Accounts
|| $250,000 per owner per beneficiary,
subject to specific limitations and requirements2
1These 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.
2The legislation authorizing the increase in deposit insurance coverage limits makes the change effective October 3, 2008, through December 31, 2009.
If you have questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.