FDIC Insurance

FDIC Insurance coverage basics

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. The FDIC protects depositors of insured banks located in the United States against the loss of their deposits if an insured bank fails.

FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, negotiable order of withdrawal (NOW) account, savings account, money market deposit account (MMDA) or time deposit accounts such as a certificate of deposit (CD).

FDIC insurance covers depositors' accounts at each insured bank, dollar-for-dollar, including principal and any accrued interest through the date of the insured bank's closing, up to the insurance limit.

The FDIC does not insure money invested in stocks, bonds, mutual funds, life insurance policies, annuities or municipal securities, even if these investments are purchased at an insured bank.

The FDIC does not insure safe deposit boxes or their contents.

The FDIC does not insure U.S. Treasury bills, bonds or notes, but these investments are backed by the full faith and credit of the United States government.

The standard maximum deposit insurance amount is described as the "SMDIA" in FDIC regulations. The SMDIA is $250,000 per depositor, per insured bank. The amount of $250,000 per depositor was permanently put in place on August 10, 2010.

Understanding the deposit insurance coverage you have on your accounts.

Since Wayne Savings Community Bank is an FDIC-insured institution, it means that your qualifying deposits are insured by the federal government. And when your money is FDIC insured, you can't lose a penny, no matter what. But, as with any insurance, there are coverage limits and requirements that must be met.

To help you determine your insurance coverage, you can use an easy-to-use online FDIC tool called EDIE The Estimator. A few minutes with EDIE will let you know if the money in your Wayne Savings Community Bank deposit accounts is fully protected or if any accounts exceed coverage limits. When you use the calculator, save time by having a list of your deposit accounts and the amounts you have in each. If you have joint accounts or trust accounts that name beneficiaries, have those names too.To check business accounts, you will need the business name and Employer Identification Number (EIN).

Use EDIE The Estimator and make sure your money is 100% FDIC-insured.

Note: To ensure your privacy, Wayne Savings Community Bank does not allow EDIE access to any personal or account information.

EXAMPLE: INSURANCE COVERAGE FOR A FAMILY OF FOUR WITH DEPOSIT ACCOUNTS IN MULTIPLE OWNERSHIP CATEGORIES
ACCOUNT TITLE ACCOUNT
OWNERSHIP
CATEGORY
OWNER(S) BENFICIARY(IES) MAXIMUM
INSURABLE
AMOUNT
Husband Single Account Husband   $250,000
Wife Single Account Wife   $250,000
Husband IRA Certain Retirement Account Husband   $250,000
Wife IRA Certain Retirement Account Wife   $250,000
Husband & Wife Joint Account Husband & Wife   $500,000
Husband POD POD/ITF–with Beneficiaries Husband Wife $250,000
Wife POD POD/ITF–with Beneficiaries Wife Husband $250,000
Husband & Wife Living Trust Revocable Trust Account Husband & Wife Child 1 & Child 2 $1,000,000

TOTAL       $3,000,000

AMOUNT INSURED       $3,000,000

AMOUNT UNINSURED       $0

 

 

More options are available for various ownership categories. Stop in your nearest Wayne Savings branch to see what the maximum coverage would be for your personal situation.

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