Your funds at First Bank are secured by the FDIC (Federal Deposit Insurance Corporation) which is backed by the United States government.
At least $250,000 per depositor per bank is protected by the FDIC. FDIC insurance does not necessarily end for balances above $250,000. The FDIC provides separate insurance coverage for funds depositors may have in different ownership categories. This means that a bank customer who has multiple accounts may qualify for more than $250,000 in insurance coverage. Choosing an FDIC bank such as First Bank Richmond makes your deposits safe.
Protected, covered accounts include checking accounts, savings accounts, money market deposit accounts, CDs, share certificates, IRAs, and more. In addition, IRA accounts are insured separately for an additional $250,000.
Coverage amounts depend on the ownership category your account falls under. For example, if you have single owned accounts, they would be insured for a total of $250,000. However, if you have accounts in different ownership categories you can increase your FDIC coverage.
Yes, however they vary in coverage slightly. Each owner is protected at $250,000 for joint accounts. Meaning, if you have a joint account with your spouse, it would be insured for a total of $500,000. Trust accounts are generally insured for $250,000 per beneficiary. In short, if you have 2 beneficiaries listed in the trust, it would be protected for up to $500,000. A rule of thumb when it comes to trust coverage is that the beneficiaries are covered, not the owner.
There are many variables when it comes to FDIC coverage and what you qualify for. Some explanations can be complex and require a more in-depth conversation due to the various ownership categories (Single accounts, Joint accounts, Revocable trust accounts, Irrevocable trust accounts, Retirement accounts, Business/Organization accounts and more). If you would like more information regarding your account protection, feel free to give us a call at 1-800-548-8138 or check out the website for the FDIC.