IMPORTANT FDIC INSURANCE INFORMATION
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
The FDIC Provides Separate Insurance Coverage for Deposits Held in Different Ownership Categories
The coverage limits shown below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart below shows the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met. For more information about insurance coverage, visit http://www.fdic.gov/edie or call toll-free 1-877-ASK-FDIC (1-877-275-3342) Monday - Friday 8am- 8pm EST.
Basic FDIC Deposit Insurance Coverage Limits**
|Single Accounts (owned by one person)
$250,000 per owner
|Joint Accounts (two or more persons)
||$250,000 per co-owner
|IRAs and certain other retirement accounts
||$250,000 per owner
||$250,000 per owner per beneficiary
subject to specific limitations and requirements
|Corporation, Partnership and Unincorporated
||$250,000 per corporation, partnership or unincorporated association
|Employee Benefit Plan Accounts
||$250,000 for the non-contingent, ascertainable interest of each participant
||$250,000 per official custodian
**The FDIC has eased the rule governing "revocable trust accounts" that pass to named beneficiaries when the account owner dies. Now an account owner can name any person or charity as a beneficiary and the owner will qualify for the additional deposit insurance coverage.