UPDATE: June 8, 2009
Congress extends $250,000 FDIC insurance coverage through 2013.
Last October, 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.
:: Learn More ::
- Visit the FDIC website (www.fdic.gov/EDIE) or talk to a CommunitySouth team member to learn how to maximize FDIC coverage.
- Want to learn more about the FDIC and how your money is protected?
Click here to learn more via a brief video.
CommunitySouth is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest bearing transaction accounts and NOW accounts earning less than 0.50% 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.
Below is an example of how these two programs may benefit you. Learn how to maximize your FDIC coverage by talking to a CommunitySouth team member today!
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.
UPDATE: October 17, 2008
FDIC insurance temporarily increased from $100,000 to $250,000.
On October 3, 2008, the FDIC increased insurance coverage from $100,000 to $250,000 per depositor through December 31, 2009. If you have up to $250,000 in a deposit account at CommunitySouth, you will be fully insured if your account meets certain requirements.
Unlimited FDIC insurance for non-interest bearing deposit accounts
On October 14, 2008, the FDIC announced that it will be providing full coverage of non-interest bearing accounts (for example, a checking account you don't earn interest on) – regardless of dollar amounts. This new, temporary guarantee expires December 31, 2009.
Visit the FDIC website (www.fdic.gov/EDIE) or talk to a CommunitySouth team member to learn how to maximize FDIC coverage.
September 30, 2008
Dear customers, friends and neighbors,
Many of you have been following the news of the past couple of weeks closely and have questions about the current economic environment. We're here to answer your questions, and wanted to give you some facts about CommunitySouth.
- CommunitySouth is a Main Street bank, not a Wall Street bank.
- Your deposits are protected. Not one penny of insured deposits has ever been lost by a customer of a federally insured bank. Deposits are insured by the FDIC for up to $100,000 per depositor and up to $250,000 for retirement accounts. If you have deposits over $100,000, you may be able to obtain additional FDIC insurance coverage. Contact a CommunitySouth team member to show you how.
- CommunitySouth is well capitalized, the highest capital classification available to banks as determined by regulatory standards.
- CommunitySouth is in good standing with all bank regulatory bodies.
- CommunitySouth has no exposure to subprime lending, which is plaguing many larger financial institutions.
- CommunitySouth has no investment exposure in Fannie Mae or Freddie Mac stock.
CommunitySouth is a customer-focused, Upstate community bank. Our number one goal is excellence in customer service. This goal includes earning our customers’ trust each and every day by keeping your deposits safe. If you have any questions at all, please feel free to contact one of us directly at the numbers listed below.
Sincerely,
.
