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Susquehanna Bank & FDIC Insurance
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Susquehanna Bank is FDIC-insured
Susquehanna Bank is a member of the Federal Deposit Insurance Corp. (FDIC), an independent
agency of the United States government that protects the funds depositors place
in FDIC-insured institutions. FDIC deposit insurance is backed by the full faith
and credit of the U.S. government. The FDIC emphasizes that since it was established
in 1933, no depositor has ever lost a single penny of FDIC-insured funds.
Your deposits at Susquehanna Bank are insured up to the following FDIC coverage
limits, which were made permanent on July 22, 2010.
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Single Accounts (owned by one person)
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$250,000 per owner
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Joint Accounts (two or more persons)
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$250,000 per co-owner
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IRAs and certain other retirement accounts
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$250,000 per owner
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Revocable Trust Accounts
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$250,000 per owner per beneficiary up to 5 beneficiaries (more coverage is available
with 6 or more beneficiaries subject to specific limitations and requirements)
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Corporation, Partnership and Unincorporated Association Accounts
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$250,000 per corporation, partnership or unincorporated association
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Irrevocable Trust Accounts
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$250,000 for the non-contingent, ascertainable interest of each beneficiary
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Employee Benefit Plan Accounts
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$250,000 for the non-contingent, ascertainable interest of each participant
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Government Accounts
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$250,000 per official custodian
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Beginning December 31, 2010 through December 31, 2012, deposits held in noninterest-bearing
transaction accounts will be fully insured, regardless of the amount in the account,
at all FDIC-insured institutions.
Transaction Account Guarantee Program
Susquehanna Bank is participating in the FDIC’s Transaction Account Guarantee Program.
Under that program, through December 31, 2010, all noninterest-bearing transaction
accounts are fully guaranteed by the FDIC for the entire amount in the account.
Coverage under the Transaction Account Guarantee Program is in addition to and separate
from the coverage available under the FDIC’s general deposit insurance rules.
Through June 30, 2010, the Transaction Account Guarantee Program also covers Negotiable
Order of Withdrawal (NOW) accounts that pay an interest rate of .50% or less, (under
this program, these are noninterest-bearing transaction accounts), and Interest
on Lawyers Trust Accounts (IOLTAs). Effective July 1, 2010, the Transaction Account
Guarantee Program will cover NOW accounts that pay an interest rate of .25% or less.
Transaction Account Guarantee Program & Sweep Arrangements
If you have a sweep arrangement that transfers funds from a noninterest-bearing
transaction account into an interest-earning account, please remember that the interest-earning
account is not eligible for the FDIC’s full guarantee under the Transaction Account
Guarantee Program. Instead, funds in the interest-earning account will continue
to be insured under the FDIC’s basic coverage limit of $250,000 per owner. The balances
in these accounts are deposits and in the event of a bank failure, the amount of
deposit insurance coverage available for accounts under this form of sweep will
be determined by the account in which the funds are held at the end of the business
day.
For More Information
If you have questions about FDIC coverage, please contact your local branch or call
our Customer Service Center at 800.311.3182. The FDIC offers an online tool to calculate
the insurance coverage on your accounts at
www.myFDICinsurance.gov, and you can also contact the FDIC at 1.877.ASK.FDIC.
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