FDIC Information

The money in your checking, savings, CDs, and money market deposit accounts are protected by FDIC insurance up to $250,000 per depositor, for each account ownership category.

How your FDIC insurance coverage works.

 

As a Federal Deposit Insurance Corporation (FDIC) insured institution, deposits at Apple Bank receive full FDIC coverage of up to $250,000 per depositor, for each account ownership category. FDIC insurance covers all types of Apple Bank deposit accounts, including personal and business checking accounts, Certificates of Deposit, savings accounts and money market accounts.

However, a depositor at an FDIC-insured bank, such as Apple Bank, can maintain more than $250,000 in deposits and still be fully insured, provided the accounts meet certain requirements. The FDIC provides separate coverage for deposits held in different account ownership categories. The coverage limits shown in the chart below refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank.

Basic FDIC Deposit Insurance Coverage Limits

Single Accounts (owned by one person)

$250,000 per owner

Joint Accounts (two or more persons)

$250,000 per co-owner

IRAs and certain other retirement accounts

$250,000 per owner

Informal Trust Accounts

$250,000 per owner per beneficiary subject to specific limitations and requirements

Corporation, Partnership and Unincorporated Association Accounts

$250,000 per corporation, partnership or unincorporated association

Employee Benefit Plan Accounts

$250,000 for the non-contingent, ascertainable interest of each participant

Government Accounts

$250,000 per official custodian

   

The table below demonstrates how a family of four could maximize their FDIC insurance coverage.

A Family of Four Could Receive Up to $6 Million in FDIC Deposit Insurance Coverage

Individual Account owned by John Smith

$250,000

Individual Account owned by Mary Smith

$250,000

Individual Account owned by son, James Smith

$250,000

Individual Account owned by daughter, Anne Smith

$250,000

Joint Account owned by John and Mary Smith and two children

$1,000,000

IRA owned by John Smith

$250,000

IRA owned by Mary Smith

$250,000

IRA owned by son, James Smith

$250,000

IRA owned by daughter, Anne Smith

$250,000

Revocable Trust Account owned by John Smith for benefit of wife and two children

$750,000

Revocable Trust Account owned by Mary Smith for benefit of husband and two children

$750,000

Revocable Trust Account owned by James Smith for benefit of mother, father and sister

$750,000

Revocable Trust Account owned by Anne Smith for benefit of mother, father and brother

$750,000

Total:

$6,000,000

If you have questions about FDIC coverage limits and requirements, please visit www.FDIC.gov, or call toll-free 1-877-ASK-FDIC. Please contact Apple Bank’s CustomerLine at 1-914-902-2775 to speak with an agent, Monday through Friday from 8:30 am ET to 9:00 pm ET, Saturday and Sunday from 9:00 am ET to 3:00 pm ET.