How can I maximize my FDIC insurance on my interest bearing accounts?
A married couple may obtain up to $1,500,000 in FDIC insurance coverage on their interest bearing accounts at Metropolitan National Bank® by establishing the following combination of ownerships:
| Single Accounts | |
| Husband | $250,000 |
| Wife | $250,000 |
| Joint Accounts | |
| Husband and Wife | $500,000 |
| Revocable Trust Accounts | |
| Husband in Trust for Wife | $250,000 |
| Wife in Trust for Husband | $250,000 |
| Total Insured by FDIC | $1,500,000 |
A married couple with a child may obtain $2,000,000 in FDIC insurance coverage on their interest bearing accounts at Metropolitan National Bank® by establishing the following combination of ownerships:
| Single Accounts | |
| Husband | $250,000 |
| Wife | $250,000 |
| Joint Accounts | |
| Husband and Wife | $500,000 |
| Revocable Trust Accounts | |
| Husband in Trust for Wife | $250,000 |
| Husband in Trust for Child | $250,000 |
| Wife in Trust for Husband | $250,000 |
| Wife in Trust for Child | $250,000 |
| Total Insured by FDIC | $2,000,000 |
You may have begun to hear about provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act. This new regulation states that all funds in a “non-interest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation (FDIC) 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 “non-interest bearing transaction account” includes a traditional checking account or demand deposit account on which an insured depository institution pays no interest. It also includes Interest on Lawyer Trust Accounts (IOLA) It does not include other accounts, such as checking or savings accounts that earn interest, NOW accounts and money market deposit accounts.
More information about temporary FDIC insurance coverage of transaction accounts is also available at www.FDIC.gov.
FOR ADDITIONAL INFORMATION
http://www.MYFDICInsurance.gov/ or http://www.fdic.gov/deposit/
or call the FDIC directly, toll-free at:
Monday - Friday 8am-8pm EST
1-877-ASK-FDIC
of course, you may contact any of our branches for assistance
