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Your FDIC
insured
deposits are
safe and
backed by
the full
faith and
credit of
the federal
government.
During
difficult
economic
times, some
people may
be concerned
about the
safety of
the money
they have in
their
checking,
savings and
retirement
accounts.
They
shouldn’t
be. Our
customers
can bank
with
confidence
knowing
their money
is safe
because it
is insured
by the
Federal
Deposit
Insurance
Corporation
(FDIC).
Since the
FDIC was
founded in
1933, no one
has ever
lost a penny
of
FDIC-insured
funds.
The FDIC
insures
deposits and
protects
depositors’
funds in
banks. FDIC
insurance
covers each
depositor’s
account,
dollar-for-dollar,
up the
insurance
limit,
including
principal
and accrued
interest.
Here are
resources to
help you
answer
questions
about the
current
health of
banks and
the federal
deposit
insurance
system:
•
FDIC Web Site:
Insuring Your Deposits
•
Deposit Insurance:
Myths and Facts
•
FDIC Insurance:
How It Works
•
FDIC
Electronic Deposit
Insurance Estimator
(EDIE)
Maximizing Your FDIC Insurance Coverage
Some
basic
examples of
how
depositors
can expand
their
coverage
beyond
$100,000
include:
• A
husband and
wife both
have
separate
bank
accounts in
each of
their names
(each
account is
covered for
$100,000, or
$200,000
total).
•
The couple
also has a
joint
account
which is
covered for
up to
$200,000.
•
The husband
and wife
each have
separate IRA
accounts for
$250,000
each.
In
addition,
revocable
Payable on
Death (P.O.D.)*
accounts are
another
option that
allow a
customer to
expand
beyond
$100,000 in
the same
bank. For
example, all
of the
following
accounts
could be
insured for
one couple
at one bank:
• John Doe, P.O.D. to
Jane Doe:
$100,000
•
Jane Doe, P.O.D. to
John Doe:
$100,000
•
John and
Jane Doe, P.O.D. to
Baby Doe 1,
Baby Doe 2
and Baby Doe
3: $600,000
• John and
Jane Doe, P.O.D. to
Grandchild
Doe 1,
Grandchild
Doe 2 and
Grandchild
Doe 3:
$600,000
Multi-Million
Dollar FDIC
Insurance on
Certificates
of Depositt
Mission
Community
Bank is a
member of
CDARS®, the
Certificate
of Deposit
Account
Registry
Service®.
Your large
deposit is
divided into
smaller
amounts and
placed with
other FDIC
insured
banks which
are also
members of
the CDARS
network.
Then, those
member banks
issue CDs in
amounts
under
$100,000, so
that your
entire
investment
is eligible
for FDIC
insurance.
By
depositing
with one
bank –
Mission
Community
Bank – you
receive full
FDIC
insurance
from many.
* This is
a brief
summary of
some of the
FDIC
insurance
rules.
Depositors
should
consult with
their legal
advisers and
with the
FDIC web
site prior
to
establishing
different
bank
accounts or
changing the
title of an
existing
bank account
to maximize
deposit
insurance.
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