In recent months, the Federal Government has made changes to FDIC Insurance. We want you to know what these changes can mean for your deposits with us. Security Bank is participating in the FDIC Transaction Account Guarantee Program, which provides that all non-interest-bearing checking accounts (including most business checking accounts) have unlimited FDIC Insurance coverage until December 31, 2009. Here is a summary of the recent changes:
| Account Type |
FDIC Insurance Coverage* |
| Single Account (owned by one person) |
Up to $250,000 per owner |
| Joint Accounts (two or more persons) |
Up to $250,000 per co-owner |
| IRAs |
Up to $250,000 per owner |
| Trust Accounts |
Up to $250,000 per owner, per beneficiary |
| Corporation/Partnership/Organization |
Up to $250,000 per owner |
| Non Interest-Bearing Checking Accounts |
Unlimited coverage |
|
* 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.
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Here is an example of how a wife and husband could be covered up to $1,000,000 at any of
Security Bank's six insured institutions. |
| Account | Deposit Type | Account Balance |
| Mary | CD | $250,000 |
| Bob | CD | $250,000 |
| Mary & Bob (Joint Owners) | Checking | $500,000
($250,000 per person)
|
| Total | | $1,000,000 |
| Amount FDIC Insured | | $1,000,000 |
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| Your Security Bank service representatives are ready to assist you to maximize your FDIC insurance coverage. Please speak with us if you have any questions about your deposits. |
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