Charter Bank
Charter BankThe 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 single penny of FDIC-insured funds.
FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not 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.
Coverage is automatic. There is no need for depositors to apply for FDIC insurance or even to request it.
NON-INTEREST BEARING TRANSACTION ACCOUNTS effective through June 30, 2010: Charter Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program all non-interest-bearing transaction accounts at Charter Bank 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. The unlimited coverage applies to all personal and business checking deposit accounts that do not earn interest (including Demand Deposit (DDA) accounts), low-interest NOW accounts (NOW accounts that cannot earn more than 0.5% interest), Official Items, and IOLTA accounts. This unlimited insurance coverage is temporary and will remain in effect for participating institutions through June 30, 2010.
OTHER DEPOSIT ACCOUNTS effective through December 31, 2013: To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts. (See below.) Deposits accounts owned by corporations, partnerships, unincorporated associations, employee benefit plans and government entities also are covered by FDIC insurance.
| Single Accounts (owned by one person) |
$250,000 per owner** |
| Joint Accounts (two or more persons) |
$250,000 per co-owner** |
| IRAs and certain other retirement accounts |
$250,000 per owner |
| Trust Accounts |
$250,000 per owner per beneficiary subject to specific limitations and requirements** |
| Corporation, Partnership and Unincorporated Association Accounts |
$250,000 per corporation, partnership or unincorporated association |
| Employee Benefit Plan Accounts |
$250,000 for the non-contingent, ascertainable interest of each participant |
| Government Accounts |
$250,000 per official custodian |
* These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met. If you have questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov, call toll-free 1-877-ASK-FDIC, or speak to a representative at a Charter Bank Branch.
Last Updated 11/04/2009