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Increased FDIC Coverage

FDIC Insurance protection:  What the increase means for you

On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. 1st Constitution Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules..

  • 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 offers extra protection for your money.  It provides up to $250,000 of coverage per depositor per institution. 
Basic FDIC Deposit 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

 

 

Trust Accounts

$250,000 per owner per beneficiary subject to specific limitations and requirements**

 

 

Corporation, Partnership and Unincorporated Association Accounts

$250,000 per corporation, partnership or unincorporated association

 

 

Employee Benefit Plan Accounts

$250,000 for the non-contingent, ascertainable interest of each participant

 

 

Government Accounts

$250,000 per official custodian

New Rule Increases Coverage for Beneficiaries

Changes to FDIC Deposit Insurance Rules for Revocable Trust Accounts

The FDIC simplified the rules for “revocable” trust accounts commonly known as payable-on-death (POD) also know as In Trust For (ITF) accounts and other living trust accounts.  Here are two important changes that are now if effect:

  • The concept of qualifying beneficiaries ahs been eliminated.  Coverage is now based on the naming of virtually any beneficiary.
  • The insurance limit is based on $100,000 per named beneficiary up t five.  For balances greater than $500,000 the coverage may be higher depending on how the trust is allocated.
Have questions?
How will I know if the FDIC insurance covers all my deposits?  What if I have more
than one account with different ownership?
Contact your local branch or contact the FDIC at 877-ASKFDIC (877-275-3342).

 

 

On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009. 1st Constitution Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.

Equal Opportunity Housing Lender
Privacy Act
Equal Housing Lenders. 1st Constitution Bank is a member FDIC. © 2000 1st Constitution Bancorp. All Rights Reserved.

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IMPORTANT INFORMATION ABOUT PROCEDURES
FOR OPENING A NEW ACCOUNT
To help the government fight the funding of terrorism and money laundering activities, Federal Law requires all financial institutions to obtain, verify, and record information that identifies each person who opens an account.

What this means to you: When you open an account, we will ask for your name, address, date of birth, and other information that will allow us to identify you. We may also ask to see your driver’s license or other identifying documents.