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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 $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
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ACCOUNT NOTICE
All funds in a "non-interest bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation until December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000.00 available to depositors under the FDIC's general deposit insurance rules.
The term "non-interest bearing transaction account" includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts (IOLTAs). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money market deposit accounts.
Should you have questions about the FDIC coverage of your accounts please feel free to contact your branch or customer service at 1-888-382-9191 |
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Self-Directed
Retirement Accounts - The maximum amount
of insurance coverage for self-directed
retirement plan deposits is $250,000. Types of retirement
plans eligible for the increased coverage
are:
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- 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.
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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. |
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
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