Deposit accounts are now FDIC insured up to $250,000 per depositor through December 2013.
On October 3, 2008 Congress passed new legislation increasing FDIC coverage from $100,000 to $250,000 for depositors of all banks that are members of the FDIC through 2009.
On May 20, 2009 Congress extended the new coverage through December 31, 2013.
- Single accounts are insured up to $250,000
- Joint accounts (50/50 ownership) are insured up to $500,000 ($250,000 for each individual)
- IRA deposits are insured up to $250,000 per plan depositor
- Accounts that are registered in a Living Trust are insured up to $250,000 per owner, per beneficiary
Here’s an example of how you could be covered up to $1,000,000:
| Account Owner |
Deposit Type |
Account Balance |
| Jane |
Bank Savings Account |
$250,000 |
| John |
Bank Savings Account |
$250,000 |
| Jane & John (50/50 Ownership) |
Bank Savings Account |
$500,000 ($250,000 per person) |
| Total Deposits |
|
$1,000,000 |
| Amount Insured |
|
$1,000,000 |
|
Deposit types include Bank Checking Accounts, Money Market Accounts, Savings Accounts, IRA Savings and CDs.
Bank of Cooperstown, a unit of USNY Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, 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 is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
The guarantee applies to the following Negotiable Order of Withdrawal (NOW) or interest-bearing transaction accounts with interest rates of 0.50 percent or less. These products will continue to be insured through December 31, 2013 for up to $250,000 under the FDIC’s general deposit insurance rules.
- Business Interest Checking
- Personal Interest Checking
- Investor Checking
- Relationship Rewards Checking
Learn more on how you can make the most of your coverage.
Visit the FDIC Home page.