FDIC Deposit Insurance Coverage LimitsEffective July 21, 2010, the limit for federal deposit insurance coverage was permanently set to $250,000 per depositor. Banks typically offer federally insured accounts for deposits of up to $250,000. You should always check with your financial institution and confirm which of your accounts are FDIC insured, and the account amount that is insured. Credit unions typically offer insurance similar to FDIC, called National Credit Union Share Insurance Fund (NCUSIF).Single AccountsThese are deposit accounts owned by one person and titled in that person's name only. All of your single accounts at the same insured bank are added together and the total is insured up to the FDIC insurance limit. For example, if you have a checking account and a CD at the same insured bank, and both accounts are in your name only, the two accounts are added together and the total is insured up to $250,000.Note: Retirement accounts and qualifying trust accounts are not included in this ownership category.
Certain Retirement AccountsThese are deposit accounts owned by one person and titled in the name of that person's retirement plan. Only the following types of retirement plans are insured in this ownership category:
All deposits that an individual has in any of the types of retirement plans listed above at the same insured bank are added together and the total is insured up to $250,000. For example, if an individual has an IRA and a self-directed Keogh account at the same bank, the deposits in both accounts would be added together and insured up to $250,000.Naming beneficiaries on a retirement account does not increase coverage.Joint AccountsThese are deposit accounts owned by two or more people. If both owners have equal rights to withdraw money from a joint account, each person's shares of all joint accounts at the same insured bank are added together and the total is insured up to $250,000.If a couple has a joint checking account and a joint savings account at the same insured bank, each co-owner's shares of the two accounts are added together and insured up to $250,000, providing up to $500,000 in coverage for the couple's joint accounts.Example: John and Mary have a $520,000 CD at an insured bank. Under FDIC rules, each person's share of each joint account is considered equal unless otherwise stated in the bank's records. John and Mary each own $260,000 in the joint account category, putting a total of $20,000 ($10,000 for each) over the insurance limit.
Note: Jointly owned qualifying trust accounts are not included in this ownership categoryNOTE: certificate of deposits are FDIC-insured when issued by your bank or depository institution.
Securities and advisory services are offered through LPL Financial (LPL), a registered investment advisor and broker-dealer (member FINRA/SIPC. Insurance products are offered through LPL or its licensed affiliates. Premier America Credit Union and Premier America Investment & Retirement Services are not registered as a broker-dealer or investment advisor. Registered representatives of LPL offer products and services using Premier America Investment & Retirement Services, and may also be employees of Premier America Credit Union. These products and services are being offered through LPL or its affiliates, which are separate entities from, and not affiliates of Premier America Credit Union or Premier America Investment & Retirement Services. CA Insurance License #0759204, TX Insurance License#1643255.
Securities and insurance offered through LPL or its affiliates are: