$250,000 FDIC insurance coverage extended through 2013.
In 2008, Congress temporarily increased the basic limit on federal insurance coverage from $100,000 to $250,000 per depositor through December 31, 2009. Now here’s the important news! On May 19, 2009, Congress extended the temporary $250,000 coverage through December 31, 2013.
What does this mean to you?
If you have up to $250,000 in a deposit account at CommunitySouth, your deposits are fully insured through at least 2013. And as always, you may qualify for more than the basic insurance coverage because the FDIC provides separate insurance coverage for deposits held in different "ownership categories" such as single accounts and joint accounts.
Additionally, CommunitySouth is participating in the FDIC's Transaction Account Guarantee Program. Under that program (extended through December 31, 2010) all non-interest bearing transaction accounts and NOW accounts earning less than 0.25% interest rate 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 (see above).
Below is an example of how these two programs may benefit you. In this example, John and Mary are owners of All Smiles Dental Company.
| Account Owner |
Deposit Type |
Balances Covered |
| All Smiles Dental |
Non-interest business checking |
Unlimited |
| John or Mary |
Non-interest personal checking |
Unlimited |
| John |
Money market, savings or CD
|
$250,000 |
| Mary |
Money market, savings or CD
|
$250,000 |
John & Mary
(50/50 ownership) |
Money market, savings or CD |
$250,000 |
| Amount Insured: |
$1,000,000 in money market, savings and/or CDs -AND-
unlimited in their personal and business non-interest bearing checking accounts
|
Want to learn more about the FDIC and how your money is protected?
Click here to learn more via a brief video, visit the FDIC website (www.fdic.gov/EDIE) or talk to a CommunitySouth team member to learn how to maximize FDIC coverage.
