FDIC INSURANCE COVERAGE INFORMATION

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured institution, such as a bank or savings and loan association, fails.  FDIC deposit insurance is backed by the full faith and credit of the United States government.

Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds. FDIC insurance covers all deposit accounts, including checking and savings accounts, money market accounts and certificates of deposit.

The basic limits* of FDIC deposit insurance coverage are:

 Single Accounts (owned by one person) $250,000 per owner

Joint Accounts (two or more persons) $250,000 per owner

Trust Accounts $250,000 per beneficiary, subject to specific limitations and requirements. 

IRA’s and certain other retirement accounts $250,000 per owner.

 *refers to the total of all deposits that an accountholder(s) has at each FDIC insured bank

NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE
COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts or money-market deposit accounts.  Interest on Lawyers Trust Accounts ("IOLTAs") are covered under this change.

 To ensure funds are fully protected, depositors should understand the coverage limits.

If you are concerned about deposit insurance coverage, we invite you to call or sit down

with your SSB banker. The FDIC provides an Electronic Deposit Insurance calculator

(EDIE) at https://www2.fdic.gov/EDIE/ and offers toll free assistance at 1-877-ASK-FDIC

or visit the FDIC website at www.FDIC.gov.