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NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
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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.
When converting a noninterest-bearing account to an interest bearing account, this will limit the amount of FDIC insurance coverage and it will be capped at $250,000. Please visit www.fdic.gov for details.
ADDITIONAL INCREASED INSURANCE COVERAGE
FDIC provides separate insurance coverage for deposits held in different categories of ownership. You may qualify for more than $250,000 in coverage through a combination of First National Bank accounts. The most common ownership categories are:
- Single Accounts
- Certain Retirement Accounts
- Joint Accounts
- Revocable Trust Accounts
BASIC INSURANCE COVERAGE
Deposits maintained in different categories of ownership can also be separately insured. Therefore, it is possible to have deposits of more than $250,000 at one insured bank and still be fully insured. Please see your FNB new accounts representative to discuss the 8 ownership categories recognized by FDIC regulations and the requirements that must be met to have coverage beyond the basic $250,000 amount.
Qualifying FNB Accounts (Unlimited Coverage):
- avoID Theft FNB checking account
- Personal & Business checking accounts
- Non-Profit checking account
- Senior checking account
- IOLTA
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Non-Qualifying FNB Accounts (Capped at $250,000):
- All Savings accounts
- Money Market accounts
- CD accounts
- Personal & Business interest checking accounts
- IRA accounts
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*Accrued interest applicable only to interest bearing accounts.
FDIC RESCOURCES
If you need assistance in styling your accounts so they are fully insured or want to learn more about FDIC coverage, please visit your nearest FNB branch location or call FDIC toll free at 1-877-ASKFDIC (1-877-275-3342) or visit www.fdic.gov.
The following links are excellent resources to learn more about FDIC coverage.
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