Deposit accounts are FDIC insured up to $250,000 per depositor – more than double the former account coverage limit.
Effective July 21, 2010 President Obama signed into law The Dodd-Frank Wall Street Reform and Consumer Protection Act which increased FDIC coverage permanently. Deposit accounts are now FDIC insured up to $250,000 per depositor.
- Single accounts are insured up to $250,000
- Joint accounts (50/50 ownership) are insured up to $500,000 ($250,000 for each individual)
- IRA deposits are insured up to $250,000 per plan depositor
- Accounts that are registered in a Living Trust are insured up to $250,000 per owner, per beneficiary
Here is an example of how you could be covered up to $1,000,000:
| Account Owner |
Deposit Type |
Account Balance |
| Jane |
Bank Savings Account |
$250,000 |
| John |
Bank Savings Account |
$250,000 |
| Jane and John (50/50 Ownership) |
Bank Savings Account |
$500,000 ($250,000 per person) |
| Total Deposits |
|
$1,000,000 |
| Amount Insured |
|
$1,000,000 |
|
Deposit types include Bank Checking Accounts, Money Market Accounts, Savings Accounts, IRA Savings and CDs.
Peoples State Bank is participating in the FDIC's Transaction Account Guarantee Program which enables us to provide unlimited insurance coverage on non-interest bearing deposit transaction (i.e. checking) accounts, regardless of the dollar amount through December 31, 2012.
Negotiable Order of Withdrawal (NOW) accounts paying a rate of 0.25% or less and Interest on Lawyers Trust Accounts (IOLTA) are also fully insured under the Program. The temporary guarantee runs until December 31, 2010.
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. Peoples State Bank's election to participate in the Program is another example of how we are working to ensure that our clients’ deposits are safe, secure and protected.
Learn more on how you can make the most of your coverage.
Visit the FDIC Home page.