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The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects against the loss of deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC's creation in 1933, no depositor has ever lost even one penny of FDIC-insured funds.

FDIC General Deposit Insurance Rules

The FDIC's standard maximum deposit insurance amount (SMDIA) is $250,000. All deposits at Ocean Bank are covered with FDIC insurance. The coverage is automatic and includes checking accounts, as well as savings accounts, money market accounts, CDs, and IRAs. The basic coverage amount is $250,000 per depositor.

	If you own this type of account…		Your FDIC Coverage Limit is...
	Single account (owned by one person)		$250,000 per owner

	Joint account (owned two or more people) For example, a husband and wife.		$250,000 per co-owner

	Individual Retirement Account (IRA)		$250,000 per owner

If you have more than $25,000 on deposit in the bank, you can calculate your coverage by using the F D I C's Electronic Deposit Insurance Estimator (E D I E). Click here.

For a complete description of account ownership categories, click here.

Deposit Insurance on Revocable Trust Accounts

A revocable trust account is a deposit account that indicates an intention that the funds will belong to one or more beneficiaries upon the death of the owners.

Trust beneficiaries include:

		an individual, regardless of the relationship to this owner. This includes spouse, children, grandchildren, great-grandchildren, parents, siblings, cousins, nieces, nephews, uncles, in-laws, and friends. Corporations, partnerships and other legal entities cannot be beneficiaries.

		charity or non-profit organization as defined by the IRS

FDIC deposit insurance coverage for revocable trust accounts is provided to the owner of the trust. The amount of coverage is based on the number of beneficiaries named in the trust and, in some cases, the interests allocated to those beneficiaries, up to the insurance limit. If a revocable trust account has more than one owner, each owner's coverage is calculated separately, using the following rules:

Calculate your coverage of your Trust Accounts by using the F D I C's Electronic Deposit Insurance Estimator (E D I E). Click here.

		Trust account owners with combined balances of less than $1,250,000 will receive coverage based on the number of beneficiaries multiplied by $250,000 up a maximum of $1,250,000.

		Trust account owners with combined balances of greater than $1,250,000 and more than five beneficiaries will receive coverage based on the greater of $1,250,000 or the aggregate of all beneficiaries’ interest limited to $250,000 per beneficiary.


	Account Ownership Categories
	Get a complete list and description of account categories.

	Electronic Deposit Insurance Estimator (EDIE)
	Calculate your FDIC insurance coverage.
		EDIE - Online Version

Deposit Insurance Guides
Obtain the specific information you are looking for
	Deposit Insurance Summary
	Deposit Insurance Summary - PDF 3.3M
	Your Insured Deposits - Comprehensive Guide
	Certificates of Deposit: Tips for Savers
	Insured Or Not Insured?
	Deposit Insurance Coverage Frequently Asked Questions

Contact the FDIC

Telephone	877-ASKFDIC (877-275-3342)

Email	On-line Customer Assistance Form

Mail	Deposit Insurance Outreach Division of Supervision and Consumer Protection 550 17th Street, NW Washington, DC 20429

Website	http://www.fdic.gov/deposit/deposits/index.html

This page updated 12.31.2012