The FDIC insures bank deposits up to $100,000 per depositor per insured bank. Certain retirement accounts are insured up to $250,000. For joint accounts, the insurance is calculated by allocating equal shares to each owner, up to $100,000 per owner. Payable on death and revocable trust accounts provide $100,000 coverage per beneficiary. Irrevocable trust accounts are insured separately for each beneficiary, up to $100,000 per beneficiary. A depositor can receive insurance for single accounts, joint accounts, and trust/POD accounts, up to $100,000 in each category.

1. SUMMARY OF FDIC INSURANCE DEPOSIT LIMITS
ACCOUNT TYPE/LIMITATIONS COVERAGE - EXPLANATION
Banks Covered To determine if a bank is covered, one can call toll-free 1-877-275-3342, use quot;Bank Findquot; at
www.fdic.gov/deposit/index.html, or look for the official FDIC sign where deposits are
received.
Types of Accounts Covered All deposits at insured banks, including checking (demand deposit accounts), NOW
(checking accounts that earn interest) savings accounts that can be added to or withdrawn
from at any time, money market deposit accounts, and certificates of deposit (CDs), up to
the insurance limit.
General Coverage Limits The basic insurance amount is $100,000 per depositor per insured bank. Certain retirement
accounts, such as Individual Retirement Accounts, are insured up to $250,000 per
depositor per insured bank.
Single Account Limits All single accounts at the same insured bank are added together and the total is insured
up to $100,000. For example, a checking account in the name of John Jones and a CD in
the name of John Jones at the same bank will be added together and only the first
aggregate $100,000 is covered (subject to exceptions for certain retirement accounts and
trust accounts).
Retirement Accounts Retirement accounts that qualify for $250,000 per depositor per insured bank limit are: (a)
Individual Retirement Accounts (IRAs) including traditional IRAs, Roth IRAs, Simplified
Employee Pension (SEP) IRAs, and Savings Incentive Match Plans for Employees
(SIMPLE) IRAs, Section 457 deferred compensation plan accounts (whether self-directed
or not), Self-directed defined contribution plan accounts, Self-directed Keogh plan (or H.R.
10 plan) accounts. The naming of or the number of beneficiaries for such an account is not
relevant.

2. Joint Accounts (Including Joint For qualifying joint accounts, where each account holder has an equal right to withdraw
Tenants with the Right of Survivorship, from the account, the account is allocated to each account holder in equal shares, for
as Tenants in Common or as Tenants purposes of $100,000 limits per deposit per insured bank. For example, if Fred Smith and
by the Entirety) Mary Smith have a joint account with a balance of $240,000 at PBK Bank, and no other
accounts at that bank, $200,000 is the total amount insured, and $40,000 is not insured. To
use these rules, all of the joint owners must be natural persons, and each joint owner has
signed a signature card (subject to some exceptions),
Payable on Death Accounts - Totten $100,000 of coverage per insured bank is provided for each nonowner named qualified
Trusts - Itf (In Trust For) Accounts beneficiary who succeeds to the account at death of the owner. No additional coverage is
provided for the owner. If a beneficiary also is a beneficiary under a revocable trust at an
insured bank, all such beneficiary accounts are aggregated so only $100,000 is insured no
matter how many accounts name a given person as a beneficiary. The beneficiary must be
identified by name in the bank’s records. The account title must indicate that it is a covered
type of account, such as by using the acronyms POD or ITF. Qualfied beneficiaries are
limited to the owner's spouse, child, grandchild, parent, or sibling. Adopted and
stepchildren, grandchildren, parents, and siblings also qualify. In-laws, grandparents,
great-grandchildren, cousins, nieces and nephews, friends, organizations (including
charities), and trusts do not qualify.
Revocable Trusts/living Trusts Similar $100,000 per nonowner named qualified beneficiaries, applying the foregoing
Payable on Death Account rules. The account title must indicate the existence of the trust
relationship by including a term such as in trust for, trust, living trust, or family trust. Each
life-estate holder and each remainder-man will be deemed to have equal interests in the
trust assets for deposit insurance purposes.
Irrevocable Trusts - Deposit Institution Deposits held by an insured depository institution as trustee of an irrevocable trust, whether
as Trustee held in its trust department, held or deposited in any other department of the fiduciary
institution, or deposited by the fiduciary institution in another insured depository institution,
shall be insured up to the insured limits for each owner or beneficiary represented. This
insurance shall be separate from, and in addition to, the insurance provided for any other
deposits of the owners or the beneficiaries.

3. Other Irrevocable Trusts Deposited funds representing the ``non-contingent trust interest(s)'' of a trust beneficiary
under one or more irrevocable trust agreements created by the same settlor(s)/grantor(s)
are added together and insured up to the single limits in the aggregate. This coverage is
separate from the coverage provided for other accounts maintained by the settlor(s),
trustee(s) or beneficiary(ies) of the irrevocable trust(s) at the same insured depository
institution. Funds held for noncontingent trust interests are added together and insured up
to the single limits in the aggregate.
Multiple Types of Accounts A deposit in one insured bank can receive $100,000 in coverage for all of his or her single-
owner accounts, $100,000 in coverage for his or her interest in joint owner accounts, and
$100,000 in coverage as a beneficiary of a POD/revocable trust account.
Deceased Depositor The death of a deposit owner shall not affect the insurance coverage of the deposit for a
period of six months following the owner's death unless the deposit account is restructured.
Agency, Nominee, Guardian or These accounts generally treat the principal as the owner, for purposes of coverage rules.
Conservator Accounts
Corporations, Partnerships, and Such entities and associations are insured, and their accounts are not aggregated with
Unincorporated Associations accounts of their owners so long as they conduct “independent activities.” However,
branches, divisions, or units of a single corporation will be treated as one owner.
Foreigners Deposit insurance applies equally to U.S. citizens, U.S. residents, and nonresidents of the
U.S.
Separate Banks Any deposit accounts maintained by a depositor at one insured depository institution are
insured separately from, and without regard to, any deposit accounts that the same
depositor maintains at any other separately chartered and insured depository institution,
even if two or more separately chartered and insured depository institutions are affiliated
through common ownership. The deposit accounts of a depositor maintained in the same
right and capacity at different branches or offices of the same insured depository
institution are not separately insured.

4. Foreign Currency Accounts Deposits denominated in a foreign currency are insured, up to the equivalent dollar value
limitations. Deposits of banks payable solely at an office outside of the U.S. are not insured.
For Further Information: See 12 CFR Part 330.
Disclaimer: The foregoing is a general summary of applicable rules, is provided for general informational purposes only, is not legal
advice, and should not be relied upon in determining insured coverage amounts. For more definitive guidance, depositors should
consult with a qualified professional or advisor.
© 2008, All Rights Reserved, Charles Rubin
www.floridatax.com - www.rubinontax.blogspot.com