Deposit accounts are now FDIC insured up to $250,000 per depositor – more than double the former account coverage limit.
On October 3, 2008 Congress passed new legislation increasing FDIC coverage from $100,000 to $250,000 for depositors of all banks that are members of the FDIC until December 31, 2013.
- Single accounts are insured up to $250,000
- Joint accounts (50/50 ownership) are insured up to $500,000 ($250,000 for each individual)
- IRA deposits are insured up to $250,000 per plan depositor
- Accounts that are registered in a Living Trust are insured up to $250,000 per owner, per beneficiary
Here’s an example of how you could be covered up to $1,000,000:
| Account Owner |
Deposit Type |
Account Balance |
| Jane |
Bank Savings Account |
$250,000 |
| John |
Bank Savings Account |
$250,000 |
| Jane & John (50/50 Ownership) |
Bank Savings Account |
$500,000 ($250,000 per person) |
| Total Deposits |
|
$1,000,000 |
| Amount Insured |
|
$1,000,000 |
|
Deposit types include Bank Checking Accounts, Money Market Accounts, Savings Accounts, IRA Savings and CDs.
Bank of San Francisco is participating in the FDIC's Transaction Account Guarantee Program which enables us to provide unlimited insurance coverage on non-interest bearing deposit transaction (i.e. checking) accounts, regardless of the dollar amount. Negotiable Order of Withdrawal (NOW) accounts paying a rate of 0.50% or less and Interest on Lawyers Trust Accounts (IOLTA) are also fully insured under the Program. The temporary guarantee runs until June 30, 2010. 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. Bank of San Francisco's election to participate in the Program is another example of how we are working to ensure that our clients’ deposits are safe, secure and protected.
The guarantee may also apply to some Negotiable Order of Withdrawal (NOW) accounts with interest rates of 0.50 percent or less. The guarantee does not apply to the NOW accounts listed below which may have interest rates of 0.50 percent or more. These products will continue to be insured through December 31, 2013 for up to $250,000 under the FDIC’s general deposit insurance rules.
- Business Interest Checking
- Individual Interest Checking
Learn more on how you can make the most of your coverage.
Visit the FDIC Home page.