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Coverage of Your Insured Deposits at Apple Bank

Apple Bank is FDIC insured to the fullest extent of the law. This means that, for each single depositor, if your deposit accounts at Apple Bank total $250,000* or less, the deposits are fully insured.  However, a depositor at an FDIC-insured bank such as Apple Bank can have 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
   

*On July 21, 2010, basic FDIC insurance coverage permanently increased  at member banks to $250,000 per depositor, for each account ownership type.

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. You may also contact Apple Bank’s CustomerLine at 1-914-902-APPLe (2775). CustomerLine Agent Service is available Monday through Friday 9:00 am to 5:00 pm ET. You may also visit the Apple Bank Web site at www.applebank.com.

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