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 $250,000. 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 $250,000 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.
Click here for additional information about FDIC deposit insurance.
The maximum amount of insurance coverage for self-directed retirement plan deposits is $250,000.
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.