FDIC Limits
Unlimited FDIC Insurance Coverage for Business, IOLTA and Consumer Checking Accounts
On October 14, 2008 the Federal Deposit Insurance Corporation (FDIC) announced a new program that provides full, unlimited FDIC insurance for deposit balances in non-interest bearing business, consumer and IOLTA checking accounts through December 31. 2010. Community Bank of the Bay is part of this new program.
There is no action required on your part to become eligible for unlimited FDIC insurance. Once the deposit has been made to the account types mentioned above, your money in automatically insured.
To ensure your funds are fully protected, depositors should understand the deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.
The standard insurance amount currently is $250,000 per depositor. The $250,000 limit is permanent for IRAs and other certain retirement accounts. The $250,000 limit is temporary for all other deposit accounts through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.
