Important Changes to FDIC Insurance Coverage

The FDIC insures deposits up to $250,000 per depositor and $250,000 for certain retirement accounts. No one has ever lost a penny of FDIC insured funds. If you have more than $250,000 at a community bank, however, you can still be fully insured if your accounts meet certain requirements. For example, accounts owned by a single person are separately insured from joint accounts or retirement accounts owned by that person. Two individuals can each have $250,000 insured in separate accounts with one name each and have another $500,000 insured in an account that bears both their names. The FDIC has information on its Web site (www.fdic.gov) about how deposit-insurance coverage works.