FDIC Insurance News
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
| FDIC Deposit Insurance Coverage Limits1 by account ownership category |
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| Single Accounts owned by one person |
$ 250,000 per owner |
| Joint Accounts owned by two or more persons |
$ 250,000 per co-owner |
| Certain Retirement Accounts includes IRAs |
$ 250,000 per owner |
| Revocable Trust Accounts | $ 250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements) |
| Corporation, Partnership and Unincorporated Association Accounts | $ 250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $ 250,000 for the non-contingent, ascertainable interest of each beneficiary |
| Employee Benefit Plan Accounts | $ 250,000 for the non-contingent, ascertainable interest of each plan participant |
| Government Accounts | $ 250,000 per official custodian |
| To calculate your deposit insurance coverage Use the FDIC’s Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie. |
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| For questions about FDIC coverage limits and requirements Visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or ask a representative at your bank. |
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FREE CREDIT REPORTS
A recent amendment to the federal Fair Credit Reporting Act requires each of the nationwide consumer reporting companies - Equifax, Experian, and TransUnion - to provide you with a free copy of your credit report, at your request, once every 12 months. But there's only one online source authorized to do so. That's annualcreditreport.com .
Some other sites claim to offer "free" credit reports, but may charge you for another product if you accept a "free" report. Peabody State Bank has added this link to it's own website for your convenience and security. You will find the link listed in the Banking Services page and the Loan Services page.
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Peabody State Bank
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| NOTICE: Peabody State Bank is not responsible for and has no control over the subject matter, content, information, or graphics of the web sites that have links here. Please contact us with any concerns or comments. | ||