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First
United Bank is a state chartered Bank
and a member of the Federal Deposit Insurance
Corporation (FDIC). The FDIC is an independent
agency of the U.S. Government Congress
established the FDIC in 1933 to insure
bank deposits, help maintain sound conditions
in our banking system, and protect the
nation's money supply in case of financial
institution failure. FDIC insured deposits
are backed by the full faith and credit
of the United States. |
The
basic insured amount of a depositor is
$100,000. Accrued interest through the
date of the financial institution's closing
(failure) is included when calculating
insurance coverage. Deposits maintained
in different categories of legal ownership
are separately insured; therefore, you
can have more than $100,000 insurance
coverage in a single institution. |
The Federal Deposit Insurance Corporation has permanently set the insurance amount at $250,000.00 per depositor, per insured institution, for each account ownership category
Transaction Account Guarantee Program
First United Bank is participating in the FDIC's Transaction Account Guarantee Program. Under the 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. The details of the FDIC guarantee are provided in the FDIC's regulations, 12 CFR Part 370, and at the FDIC's Website. |
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| The following
new FDIC rule became effective April 1,
2006: |
Self-Directed
Retirement Accounts - The maximum amount
of insurance coverage for self-directed
retirement plan deposits increased from
$100,000 to $250,000. Types of retirement
plans eligible for the increased coverage
are: |
- Traditional and Roth Individual Retirement
Accounts (IRAs)
- Simplified Employee Pension (SEP) plans
- Section 457 deferred compensation plans
- Self-directed Keogh plans; and
- Self directed defined contribution
plans.
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All
such retirement funds owned by the same
person on deposit at the same FDIC-insured
institution will be added together and
the total will be insured up to $250,000. |
Note:
A Coverdell Education Savings Account,
formerly known as an Educational IRA,
is not eligible for insurance coverage
as a retirement account. A Coverdell
account is a trust created for the purpose
of paying the qualified education expenses
of a designated beneficiary and is insured
as an irrevocable trust account. |
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For
more information about the FDIC and
deposit coverage and for an interactive
calculator (Electronic Deposit Insurance
Estimator (EDIE) to determine if your
deposits are properly insured, Click Here. |
