Basic Insurance. Basic FDIC insurance has been increased from $100,000 to $250,000 permanently per depositor, according to the ownership categories, per insured financial institution. A customer can meet the requirements for coverage of more than $250,000 if he has a deposit account in different ownerships categories.
Commons ownerships categories:
- Single accounts
- Joint accounts
- Certain retirement accounts
- Corporation, partnership and unincorporated association accounts
- Certain trust accounts
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 (IOLTA) and Interest on Lawyer Accounts (IOLA)} 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/
