Southern Michigan Bank & Trust is a member of the Federal Deposit Insurance Corporation (FDIC).
The Federal Deposit Insurance Corporation (FDIC) is a federal agency organized in 1933 that insures depositors' accounts up to the insured amount at most commercial banks and savings associations.
The temporary increase in FDIC Coverage has been extended.
The FDIC announced on May 20, 2009, that deposits at FDIC-insured institutions are now temporarily insured up to at least $250,000 per depositor through December 31, 2013. The increase had been scheduled through December 31, 2009.
On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except for IRAs and other certain retirement accounts which will remain at $250,000 per depositor.
As part of the recently-passed economic stabilization package, Congress temporarily increased deposit insurance limits. The most basic insured amount is $250,000 per depositor, per insured bank.
Deposits maintained in different categories of legal ownership can be separately insured.
Therefore, through December 31, 2013, it is possible to have deposits of more than $250,000 at one insured bank and still be fully insured.
This extension does not apply to the Transaction Account Guarantee Program. Southern Michigan Bank & Trust is participating in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest bearing transaction accounts 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.
Types of Southern Michigan Bank & Trust Products that the FDIC insures include:
- Checking Accounts
- Money Market Deposit Accounts
- Savings Accounts
- Certificates of Deposit (CDs)
- Deposit Accounts owned by certain types of Trusts
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 (not changed) |
| Trust Accounts (including POD Accounts and Living Trusts) |
$250,000 per owner per beneficiary subject to specific limitations and requirements |
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