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Disclosures

Safe. Protected. Insured.

Your Northrim Bank Deposits are FDIC-Insured

Notice of Expiration: Unlimited FDIC Insurance Coverage Ends December 31st

As you may be aware, the temporary unlimited deposit insurance coverage for noninterest-bearing transaction accounts, including IOLTA’s, has ended with no indication that the program will be revived. Effective January 1, 2013, funds in noninterest-bearing transaction accounts will be insured under the FDIC’s general deposit insurance rules, subject to the standard maximum deposit insurance amount of $250,000, for each deposit insurance ownership category.

For more information on this change and options for insuring over the standard limit, please contact us or review the FDIC tools and resources below.

Who to Contact Regarding FDIC Insurance

Northrim Bank
By Phone Anchorage: (907) 562-0062
Mat-Su Valley: (907) 376-0357
Fairbanks: (907) 455-1111
Toll-free: 800-478-2265
Online Click here to contact us through our online comment center.
FDIC
By Phone 887-275-3342
Online www.fdic.gov

Tools and Resources

FDIC Electronic Deposit Insurance Estimator

Calculate your insurance coverage using the FDIC's online Electronic Deposit Insurance Estimator (EDIE). EDIE will help you identify, on a per-bank basis, how the insurance rules and limits apply your specific group of deposit accounts – what's insured and what portion (if any) exceeds coverage limits. EDIE calculates insurance coverage for both personal and business accounts.

EDIE should not be used to calculate coverage on mutual funds, stocks, bonds, annuities, or any other investment that is not a deposit. This includes investments that were purchased through an insured bank.

Click here to start using EDIE now.

If you have questions regarding your EDIE or your deposit insurance coverage, give us a call or stop by any of our convenient branch locations.

FDIC Website

  • www.fdic.gov
  • For more information and FAQs on the expiration of the Transaction Account Guarantee program click here.
     

Learn More about Deposit Insurance Coverage

Video: Deposit Insurance Coverage Overview
Video: Personal Accounts (Single Accounts)
Video: Certain Retirement Accounts
Video: Joint Accounts
Video: Revocable Trust Accounts
Video: Irrevocable Trust Accounts
Video: Business/Organization Accounts

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 beneficiaries, 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

 

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