Bremer Bank is a member of the Federal Deposit Insurance Corporation (FDIC). Basic FDIC Insurance Coverage Permanently Increased to $250,000 Per Depositor - On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000. The standard maximum insurance amount of $100,000 had been temporarily raised to $250,000 until December 31, 2013. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.
- Retirement accounts, which were already insured for up to $250,000, will remain at that level.
- Beginning July 1, 2010 Bremer Bank is no longer participating in the FDIC’s Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in non-interest-bearing transaction accounts are no longer guaranteed in full under the Transaction Account Guarantee Program, but are insured up to $250,000 under the FDIC’s general deposit insurance rules.
Important Facts Regarding FDIC Insurance - Subject to certain conditions, single and joint accounts are separately insured, and revocable trusts generally provide $250,000 of coverage per beneficiary.
- Additionally, all bank depositors can have insurance coverage in excess of the basic limits of $250,000 per institution, with an additional $250,000 per institution for IRAs.
- The FDIC website has an excellent calculator that can help you learn about deposit insurance. The Electronic Deposit Insurance Calculator allows you to calculate the insurance coverage of your accounts.
- They also have Frequency Asked Questions and Deposit Insurance Guides to answer your questions about FDIC Insurance and how it impacts your deposit accounts.
- If you have further concerns, you can contact FDIC deposit insurance specialists at 1-877-ASK-FDIC or visit the FDIC Web site at www.fdic.gov.
Bremer has Options to Expand FDIC Insurance Coverage - Bremer is made up of nine separate community banks, or charters. As such, each charter is a stand-alone bank, and deposits held in each charter are separately insured by the FDIC.
- Bremer clients who carry balances that exceed the insured amounts can access additional protection because at Bremer, at a client’s request an account can be opened at another Bremer charter and excess deposits can be transferred to that account, where they receive separate FDIC protection.
For more information on what this protection means for you, contact a banker at the Bremer office nearest you, or call 1-800-908-BANK (2265) |