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New FDIC Deposit Insurance Coverage Limits
On October 3, 2008, FDIC deposit insurance temporarily increased from $100,000 to $250,000 per depositor through December 31, 2009.
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 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, 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.
There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.
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.
Basic FDIC Deposit Insurance Coverage Limits*
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**
* 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. **
The legislation authorizing the increase in deposit insurance coverage limits makes the change effective October 3, 2008, through December 31, 2009.
If you have questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov , call toll-free 1-877-ASK-FDIC, or ask a representative at your bank.
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Patriot Bank is your community bank with bankers you know. Located in Millington, Barretville, Covington, South Covington, South Tipton and Collierville, Tennessee, Patriot Bank’s goal is to bring downhome banking to friends and neighbors in Shelby and Tipton Counties. Local bankers Charles M. Ennis, Larry C. Jackson, Jerry DuPriest and Michael Nabors are among the officers of Patriot Bank. Together they represent more than 100 years of service to the financial communities in Shelby and Tipton Counties. It is the goal of Charles, Larry, Jerry and Michael and the entire staff of Patriot Bank to offer the highest level of personal service with the best banking products available. They invite you to visit them at 8376 Highway 51 North in Millington, 9105 Barret Rd. in Barretville, 101 East Pleasant Avenue in Covington, 70 Mueller Brass Road in South Covington, 11529 Highway 51 South in South Tipton and 354 New Byhalia Road in Collierville to see why banking with Patriot Bank is Downhome Banking the Way It Should Be.
Patriot Bank offers a full range of banking products and services for individuals and businesses including checking and savings accounts, certificates of deposit and individual retirement accounts, personal loans and commercial loans. Patriot Bank also offers mortgage services through Patriot Bank Mortgage, headed by Keith Barger in Millington, South Tipton, Covington and Arlington and by Larry Boyd in Collierville, Tennessee. Patriot Bank Mortgage offers conventional fixed rate and adjustable rate mortgages, FHA and VA loans, balloon loans, USDA/Rural development loans and single-close construction loans. In keeping with the bank’s community banking philosophy, Patriot Bank Mortgage also offers special programs for individuals who need assistance to purchase a home.
For more information on Patriot Bank call (901) USA-BANK (872-2265). More about us...
At Patriot Bank Online you can...
Visit our new "Dollars and $ense for Kids" website. Its educational and everyone will just fall in love with our animated mascot- "Dollar the Dragon". See for yourself!!
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