FDIC Coverage of Accounts

On August 10, 2010, the FDIC Board of Directors amended its insurance and advertising regulations to conform with the provisions of the Dodd-Frank Wall Street Report and Consumer Protection Act, which permanently increased the standard maximum deposit insurance amount from $100,000 to $250,000. This permanent increase became effective on July 22, 2010.

NOTICE: By federal law, as of January 1, 2013, funds in a noninterest-bearing transaction account (including an IOLTA/IOLA) will no longer receive unlimited deposit insurance coverage, but will be FDIC-insured to the legal maximum of $250,000 for each ownership category. For more information, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.*

The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. You may qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different categories.

Individual accounts are accounts owned by one person and titled in that person's name only. All individual accounts at the same insured bank are added together and the total is insured up to $250,000. For example, if you have an interest-bearing checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $250,000.

Individual accounts include:

• Single ownership accounts
• Sole proprietorship accounts
• Agent, custodian, conservator accounts
• UTMA accounts
• Estate accounts
  

In addition to individual insured accounts, each person is entitled to a maximum of $250,000 coverage for interest-bearing deposits in all of his/her joint accounts. If a couple has a joint interest-bearing checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $250,000, providing up to $500,000 in coverage for the couple's joint accounts.

Certain retirement accounts are separately insured from any other deposits a Customer may have at the same institution. These are deposit accounts owned by one person and titled in the name of that person's retirement plan. Only the following types of retirement plans are insured in this ownership category:

• Individual Retirement Accounts (IRAs) including traditional IRAs, Roth IRAs, Simplified Employee Pension (SEP) IRAs, and Savings Incentive Match Plans for Employees (SIMPLE) IRAs
• Section 457 deferred compensation plan accounts (whether self-directed or not)
• Self-directed defined contribution plan accounts
• Self-directed Keogh plan (or H.R. 10 plan) accounts

All deposits that an individual has in any of the types of retirement plans listed above at the same insured bank are added together and the total is insured up to $250,000. For example, if an individual has an IRA and a self-directed Keogh account at the same bank, the deposits in both accounts would be added together and insured up to $250,000.

Please note: Naming beneficiaries on a retirement account does not increase deposit insurance coverage.

The bank offers In Trust For (ITF) accounts. This type of account signifies the intention that the funds will belong to a named beneficiary on the death of the owner (grantor or depositor) of the account.

Funds deposited into revocable trust accounts, whose beneficiaries are a natural person, or a charity, or other non-profit organization, are separately insured to $250,000 per beneficiary (in addition to the insurance on valid individual joint and noninterest-bearing transaction accounts). They provide that, at the death of the owner, funds will pass to a named beneficiary.

Determining coverage for living trust accounts (a type of Revocable Trust Account) can be complicated and requires more detailed information about the FDIC's insurance rules than can be provided here. If you have a living trust account, contact the FDIC at 877-275-3342 for more information.

In general, business accounts receive $250,000 in FDIC insurance. This includes municipalities.

Please note, however, that funds owned by a business that is a sole proprietorship are NOT insured under this category. Rather, they are insured as the single account funds of the person who is the sole proprietor. So, funds deposited in the sole proprietorship's name are added to any other single accounts of the sole proprietor and the total is insured to a maximum of $250,000 in interest-bearing accounts.

Account Holders & Owners	Ownership Category	Product	Product Type	Balance	Amount Insured	Uninsured Amount
John Smith	Single Account	Checking	Interest-bearing	$125,000	$125,000	N/A
John Smith	Single Account	Savings	Interest-bearing	$125,000	$125,000	N/A
John & Mary Smith	Joint Account	CD	Interest-bearing	$520,000-Total $260,000-John $260,000-Mary	$500,000	$20,000
Mary Smith	Retirement Account	IRA	Interest-bearing	$300,000	$250,000	$50,000
			Subtotal	$1,070,000	$1,000,000	$70,000
John Smith	Single Account	Business Checking	Noninterest-bearing	$350,000	$250,000	$100,000
			Subtotal	$350,000	$250,000	N/A
			Total	$1,420,000	$1,250,000	$170,000

For more information about FDIC coverage, visit the FDIC website at www.FDIC.gov or access the Electronic Deposit Insurance Estimator (EDIE the Estimator), an online tool that provides customized information about your insured accounts. The estimator is located at http://myfdicinsurance.gov^*. You may also call toll-free 877-ASK-FDIC for assistance.

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