FDIC Insurance Coverage Notice and FAQs

Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Noninterest-bearing Transaction Accounts.

By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

FAQs

It is prudent and reasonable to have questions about the safety of your funds. As a member of the FDIC, Geauga Savings Bank provides insurance through FDIC programs that benefit you. Below are some answers to some frequently asked questions about FDIC insurance coverage.

Q. What types of accounts are eligible for FDIC insurance? 
A. FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit. FDIC insurance does not cover other financial products and services such as stocks, bonds, mutual fund shares, life insurance policies, annuities or securities.

Q. What is the standard maximum deposit insurance amount (SMDIA)? 
A. From December 31, 2010, through December 31, 2012, deposits held in non-interest-bearing transaction accounts will be fully insured regardless of the amount in the account. By mandate of federal law, beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the FDIC. Beginning January 1, 2013, all of a depositor’s accounts at an insured depository institution, including all non-interest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

Q. How do I know how much I’m covered for? 
A. The FDICinsurance coverage limit applies per depositor, per insured depository institution for each account ownership category. However, if you have joint and individual accounts, you and your spouse may be eligible for additional coverage.

To calculate the FDIC insurance coverage on your own accounts, visit www.myfdicinsurance.gov and use FDIC’s Electronic Insurance Estimator (EDIE) tocreate an easy-to-read report.

Q.  How do I maintain FDIC insurance coverage? 
A.  The FDIC insurance coverage increases are automatic. There is no action required on your part.

Q.  How can I learn more about FDIC coverage? 
A.  For specific questions about your accounts, visit our office or www.fdic.gov for more general information.

 

For More Information from the FDIC
1-877-ASK-FDIC (1-877-275-3342)
FDIC Website  FDIC Division of Supervision and Consumer Protection

Attn: Deposit Insurance Outreach
550 17th Street, NW – Washington, DC 20429-9990