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What You Should Know About FDIC Insurance Coverage*
The basic FDIC insurance coverage is $250,000 per depositor per insured institution, but you may qualify for more coverage at one insured bank if you own deposit accounts in different “ownership categories.”
For example, your deposits in:
- Single accounts (in one name only) are insured up to $250,000;
- Joint accounts (for two or more people) are protected to $250,000 per owner;
- IRAs and certain other retirement accounts are covered up to $250,000; and
- Trust accounts can be protected up to $250,000 per owner per beneficiary provided that FDIC requirements are met.
- Non-interest bearing transaction accounts are 100% guaranteed by the FDIC.**
Because of the separate insurance coverage for deposits in different categories, a family of four could have well over $1 million in deposit insurance coverage in one FDIC-insured institution.
Your Relationship Banker at Cal National Bank can review your accounts and work with you to ensure you have maximum coverage or visit http://www.fdic.gov/edie/ to calculate the insurance coverage for your accounts.
*The legislation authorizing the increase in deposit insurance coverage limits makes the change effective through December 31, 2009.
**Cal National Bank is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules.
