UNDERSTANDING FDIC INSURANCE
- What is the FDIC?
- Is United Bank FDIC insured?
- What is insured by the FDIC?
- What amount of insurance coverage do I have for my accounts?
- How much insurance coverage does FDIC provide?
- Is there separate FDIC coverage for non-interest bearing checking accounts?
- Is there coverage over the basic insurance amount?
- What is not insured by the FDIC?
- Contact Information for the FDIC
UNDERSTANDING FDIC INSURANCE
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects depositors against the loss of their insured deposits if an FDIC-insured bank fails. FDIC insurance is backed by the full faith and credit of the United States government.
Is United Bank covered by the FDIC?
Yes, United Bank is covered by the FDIC.
What is insured by the FDIC?
FDIC insurance covers all types of deposits made at United Bank, including deposits in checking and savings accounts, money market deposit accounts and time deposits such as certificates of deposit (CDs).
What amount of insurance coverage do I have for my accounts?
In addition to the basic guidelines below, you can read about FDIC insurance coverage online at www.fdic.gov and calculate your insurance coverage yourself using the FDIC's online Electronic Deposit Insurance Estimator at http://www.myfdicinsurance.gov/.
How much insurance coverage does FDIC provide?
The basic insurance amount has increased from $100,000 to $250,000 per depositor, per insured bank, effective through December 31, 2013.
In addition, effective October 14, 2008 through June 30, 2010, United Bank is participating in the Temporary Liquidity Guarantee Program, which provides separate FDIC coverage on the full balance of personal and non-personal checking accounts, so long as they are non-interest bearing. This is in addition to the FDIC coverage on other deposits up to $250,000.
Is there separate FDIC coverage for non-interest bearing checking accounts?
Yes, United Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through June 30, 2010, all non-interest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. 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.
Funds swept or automatically transferred to an account that is not guaranteed under the Transaction Account Guarantee Program will void the FDIC's guarantee with respect to the swept or transferred funds.
Deposit accounts not covered by this program are insured up to $250,000 per depositor through December 31, 2013.
Is there coverage over the basic insurance amount?
Deposits in different categories of legal ownership at the same bank can be separately insured. Therefore, it is possible to have deposits of more than $250,000 at one insured bank and still be fully insured.
The most common ownership categories are:
- Single Accounts
- Joint Accounts
- Revocable Trust Accounts, including formal "living"
or "family" trusts and informal "payable-on-death"
(POD) or "in trust for" (ITF) ownerships
- Certain Retirement Accounts including Traditional IRAs, Roth IRAs
and SEPs
- Corporation, partnership and unincorporated association accounts
- Government Accounts
If you have more than $250,000 in all your deposit accounts at United Bank, you can increase your FDIC coverage by adjusting the ownership of your accounts.
Additional coverage is available through our CDARS program for certificates of deposit. Ask your local office for more information.
What is not insured by the FDIC?
Contents of safe deposit boxes are not FDIC insured. The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments were bought from an insured bank. The FDIC does not insure U.S. Treasury bills, bonds, or notes, but these are backed by the full faith and credit of the United States government.
Additional Information
You can call FDIC toll-free at 1.877.ASK.FDIC
(877.275.3342) from 8:00 a.m. until 8:00 p.m. Eastern Time, Monday through
Friday, or contact them online at http://www.fdic.gov/.
VA/MD/DC 703.653.1150 or 1.800.730.6169
WV/OH 304.348.8396
This information is presented in a non-technical way and is not a legal interpretation of the laws and regulations on insurance coverage. You should contact your legal, tax and financial advisors for information and answers to your questions about your particular situation.
