Safe. Protected. Insured.
Your Northrim Bank Deposits are FDIC-Insured
The FDIC recently revised the agency’s deposit insurance regulations to conform with Dodd-Frank Act provisions that permanently increased the Standard Maximum Deposit Insurance amount from $100,000 to $250,000. The permanent increase became effective July 22, 2010.
About FDIC Insurance
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. 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 covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities. The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category. There is no need for depositors to apply for FDIC insurance or even to request it, coverage is automatic.
The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. For details on the requirements, go to www.fdic.gov/deposit/deposits.
Basic FDIC Deposit Insurance Coverage Limits
The following chart shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.
| 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 |
| Revocable Trust Accounts | $250,000 per owner per beneficiary subject up to five beneficiaries (more coverage is available with six or more beneficiares, subject to specific limitations and requirements) |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $250,000 for the non-contingent, ascertainable interest of each beneficiary |
| Employee Benefit Plan | $250,000 for the non-contingent, ascertainable interest of each plan participant |
| Government Accounts | $250,000 per official custodian |
| Non-interest Bearing Transaction Accounts | Unlimited coverage* |
| * Unlimited deposit insurance coverage is available through December 31, 2012, for noninterest-bearing transaction accounts |
|
If you have questions about FDIC coverage limits and requirements, visit www.myFDICinsurance.gov or call toll-free 1-877-ASK-FDIC. |
