Integrity In the News
Lower Account Risk with Higher FDIC Limits?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in FDIC-insured institutions. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
There is no need for depositors to apply for FDIC insurance or even to request it; coverage is automatic. FDIC retirement accounts, which includes IRAs. The $250,000 limit is temporary for all other deposit accounts through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except certain retirement accounts, insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products that insured banks may offer such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
The standard insurance amount currently is $250,000 per depositor. The $250,000 limit is permanent for certain which will remain at $250,000 per depositor.
To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured institution. The chart below assumes that all FDIC requirements are met. (For details on the requirements, go to www.fdic.gov/deposit/deposits.)
| FDIC Deposit Insurance Coverage Limits (Through December 31, 2013) | |
|---|---|
| Single Accounts (owned by one person) | $250,000 per owner |
| Joint Accounts (two or more persons) | $250,000 per co-owner |
| Certain Retirement Accounts (includes IRAs) | $250,000 per owner |
| Revocable Trust Accounts | $250,000 per owner per beneficiary up to 5 beneficiaries (more coverage is available with 6 or more beneficiaries subject to specific limitations and requirements) |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $250,000 for the non-contingent, ascertainable interest of each beneficiary |
| Employee Benefit Plan Accounts | $250,000 for the non-contingent, ascertainable interest of each plan participant |
| Government Accounts | $250,000 per official custodian |
At Integrity Bank, we value our customer relationships and realize that FDIC insurance coverage is important to you. We want to let all of our customers know that we are participating in this program to extend unlimited coverage for all non-interest bearing deposits through December 31, 2010, time frame. If you have any questions, please contact us at 713-335-8700.
FDIC TAG Program
TRANSACTION ACCOUNT GUARANTEE PROGRAM NOTICE.
Integrity Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2010, 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.
Negotiable Order of Withdrawal accounts (NOW accounts) with interest rates higher than 0.25 Percent do not qualify for this guarantee.
Equal Housing Lender