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Temporary Unlimited FDIC Insurance Coverage for Noninterest-Bearing Transaction Accounts (Including IOLTA Accounts)
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-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.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
FDIC Deposit Insurance Facts
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in FDIC-insured institutions. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
There is no need for depositors to apply for FDIC insurance or even to request it; coverage is automatic. FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products that insured banks may offer, such as stocks, bonds, mutual funds shares, life insurance policies, annuities or municipal securities.
To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an account holder has in the same ownership categories at each FDIC-insured institution. The chart below assumes that all FDIC requirements are met (for details on the requirements, go to www.fdic.gov/deposit/deposits).
FDIC Deposit Insurance Coverage Limits1
| Single Accounts (owned by one person) | $250,000 per owner |
| Joint Accounts (owned by two or more persons) | $250,000 per co-owner |
| IRAs and Other Certain Retirement Accounts | $250,000 per owner |
| Revocable Trust Accounts | $250,000 per owner per beneficiary up to 5 beneficiaries (more coverage is available with 6 or more beneficiaries subject to specific limitations and requirements |
| Corporation Partnership and Unincorporated Association Accounts | $250,000 per corporation partnership or unincorporated association |
| Irrevocable Trust Accounts | $250,000 For the non-contingent, ascertainable interest of each beneficiary |
| Employee Benefit Plan Accounts | $250,000 for the non-contingent, ascertainable interest of each plan participant |
| Government Accounts | $250,000 per official custodian |
| To calculate your deposit insurance coverage | Use the FDIC’s Electronic Deposit Insurance Estimator at: www.fdic.gov/edie |
| For questions about FDIC coverage limits and requirements | Visit www.fdic.gov/deposit/deposits; Call toll-free 1-877-ASK-FDIC; Or ask a Metuchen Savings Bank representative |
| 1 Beginning on December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing transaction accounts will be fully insured, regardless of the amount in the account, at all FDIC insured institutions. | |
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