Because Citizens Commerce is an FDIC-insured institution, all of our deposit accounts are covered by an insurance policy from the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent government agency that protects customers like you from the loss of insured deposits if an FDIC-insured institution fails. The insurance is backed by the U.S. government, and since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC funds.
Since FDIC coverage is automatic, 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 up to $250,000 dollars at each FDIC-insured bank; however, deposits can be structured so that amounts over $250,000 are fully insured.
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.
Basic FDIC Deposit Insurance Coverage Limits1
|Single Accounts (One accountholder)||$250,000 per owner|
|Joint Accounts (Two or more accountholders)||$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
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.
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.