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General Notices
FDIC Coverage
Important Changes in FDIC Coverage

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General Notices          
 
Increased 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.

There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership  categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts.

For more information please visit the FDIC website.

Basic FDIC Deposit Insurance Coverage Limits*                                                                                             

Single Accounts (owned by one person)
$250,000 per owner
 
 
Joint Accounts
$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
* These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
 
 
 
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC).  Beginning January 1, 2013, all of a depositor’s  accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
 
For more information about FDIC insurance coverage of noninterest-bearing transaction accounts, visit:  https://www.fdic.gov/deposit/deposits/unlimited/expiration.html.


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