FDIC Insurance

Federal Deposit Insurance Corporation (FDIC) Coverage

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.

There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic, up to the insurance limits described below.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. The FDIC provides separate coverage for deposits held in different account ownership categories. The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an account holder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.

Basic FDIC Insurance Coverage Limits

 Single Accounts (owned by one person)
 $ 250,000 per owner
 Joint Accounts (two or more persons)
 $ 250,000 per co-owner
 IRAs and certain other retirement accounts
 $ 250,000 per owner
 Revocable Trust Accounts
$ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage 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
 Non-Interest Bearing Transaction Accounts
Beginning 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.*
 To calculate your deposit insurance coverage, use the FDIC's Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie
 

* All funds in a "non‐interest 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.

If you have questions about FDIC coverage limits and requirements, please visit www.fdic.gov/deposit/deposits, or call toll‐free 877.ASK.FDIC (1-877-275-3342). You may also visit Congaree State Bank at one of our branches or call 803.794.BANK (2265).



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