Citizens National Bank
News Releases
Posted on 17 Dec 2008
FDIC Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established, no depositor has ever lost a singe penny of FDIC–insured funds.
FDIC has increased the coverage amount to $250,000 for deposit accounts, including checking and savings, money market deposit accounts, IRAs, and certificates of deposit (CDs). FDIC coverage does not, however, cover other financial products and services that insured banks may offer such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities.
On January 1, 2010, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and certain retirement accounts, which will continue to be insured up to $250,000 per owner.
Citizens National Bank has chosen not to participate in the FDIC’s Transaction Account Guarantee Program. Customers of Citizens National Bank with noninterest-bearing transaction accounts will continue to be insured through December 31, 2009 for up to $250,000 under the FDIC’s general deposit insurance rules. This choice not to participate does not impact interest-bearing accounts.
If you have any questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC or call an account representative at Citizens National Bank.
