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FDIC Insurance

Maximizing Your FDIC Insurance

As a depositor in Vectra Bank, you should know how your deposits are insured, and how the amount of insurance protection can be increased beyond $250,000 through a combination of accounts. The following questions and answers provide you with information you need to make informed decisions regarding your deposits. For more information, we encourage you to use the FDIC Federal Deposit Insurance Estimator, available online at http://www.fdic.gov/edie/.

FREQUENTLY ASKED QUESTIONS

Q: What is the basic amount of FDIC insured protection for each depositor?

A: The basic insured amount for each depositor is $250,000. The FDIC insurance protection is extended to deposits at Vectra Bank, including savings, checking, NOW accounts, cashiers checks, official checks, pension accounts, letters of credit, certificates of deposit, money orders, IRA and Keogh accounts.

Q: Are funds in “Sweep Investments” accounts insured by the FDIC?

A: If you have a checking account that “sweeps” funds into another FDIC insured account, the funds are subject to the $250,000 FDIC insurance limits. Funds swept into accounts not insured by the FDIC will not have any insurance.

Q: How can I increase the amount of my FDIC insurance at Vectra Bank beyond $250,000?

A: If your combined account balances exceed $250,000, there are several quick and easy ways to increase or maximize your insurance coverage. Deposits maintained in different categories of legal ownership are separately insured. So you can have more than $250,000 insurance coverage in a single institution through a combination of different categories of ownership. The most common categories of ownership are single (or individual) ownership, joint ownership, and testamentary accounts.

You cannot increase FDIC insurance by dividing funds owned in the same ownership category among different accounts. The type of account — whether checking, savings, certificate of deposit, or an outstanding official check such as a cashier’s check, or other form of deposit — has no bearing on the amount of insurance coverage. Furthermore, the use of Social Security numbers or taxpayer identification numbers does not determine insurance coverage.

EXAMPLES:

#1 $2,000,000 FDIC–Insured Deposits for a Married Couple

Husband’s Individual Account $250,000
Wife’s Individual Account $250,000
Husband and Wife Joint Account $500,000
Husband’s IRA $250,000
Wife’s IRA $250,000
Husband Payable on Death to Wife* $250,000
Wife Payable on Death to Husband* $250,000

#2 $3,500,000 FDIC Insured Deposits for a Family or Group of Four

Husband’s Individual Account $250,000
Wife’s Individual Account $250,000
Husband and Wife Joint Account $500,000
1st Child’s Aggregate Joint Account Funds $250,000
2nd Child’s Aggregate Joint Account Funds $250,000
Husband’s IRA $250,000
Wife’s IRA $250,000
Husband Payable on Death to Wife* $250,000
Wife Payable on Death to Husband* $250,000
Husband Payable on Death to 1st Child* $250,000
Husband Payable on Death to 2nd Child* $250,000
Wife Payable on Death to 1st Child* $250,000
Wife Payable on Death to 2nd Child* $250,000

Q: How is FDIC insurance calculated for my family living trust?

A: Accounts in the name of a living trust, also referred to as totten, testamentary payable on death, or revocable trusts, are insured separately from any individual or jointly–owned funds of the owner(s). For the purposes of FDIC insurance coverage, a beneficiary is defined as a natural person, a charitable organization, or a non–profit entity properly organized under IRS code. Each owner is insured to $250,000 for each entitled beneficiary. Take a look at the following example:

The Family Trust
Trustors: Husband and Wife
Beneficiaries: Their two children

Husband in trust for 1st Child* $250,000
Husband in trust for 2nd Child* $250,000
Wife in trust for 1st Child* $250,000
Wife in trust for 2nd Child* $250,000

NOTE: This trust states that the beneficiaries’ share will pass to the beneficiaries’ children if the beneficiary dies before the trustor(s). These grandchildren are not entitled to any trust assets or insurance coverage while their parent is alive.

For more information about the FDIC, please click here to visit their website. To understand how to maximize your own FDIC coverage, you can speak to a helpful Vectra Bank representative by calling 877-932-3342 (877-WEB-FDIC).

* These illustrations also apply to other beneficiaries. A beneficiary is defined as a natural person, a charitable organization, or a non–profit entity properly organized under IRS code. For other qualifying combination accounts, check with a bank representative, or ask for the FDIC brochure, “Your Insured Deposit”.


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