FDIC INSURANCE

• All single ownership accounts are insured up to a maximum of $100,000 including principal and interest. Single ownership is an account owned by one person.
• Joint accounts are insured separately from single ownership if all the following are met:
  1. All co-owners must be natural persons (not corporations, partnerships)
  2. Each of the co-owners must be equal
  3. Each of the co-owners must have personally signed a signature card
• Testamentary accounts ("Totten" trust accounts, revocable trusts or payable on death accounts) make up another legal ownership category and are insured separately from single ownership and joint accounts. In order to qualify, the account must meet all of the following:
  1. Named beneficiary must be the owner's spouse, child, grandchild, parent, brother or sister
  2. Funds belonging to the named beneficiary must be shown in the title of the account using terms such as "in trust for", "as trustee for" or "payable on death".
  3. Beneficiaries must be specifically identified by name in the account records of the depository institution
     Each owner meeting the above requirements is insured up to $100,000 per qualifying beneficiary at each insured institution
• Irrevocable trusts are another legal ownership category. The interest of each beneficiary is insured up to $100,000, separately from other accounts held by the grantor, trustee or beneficiary, if all of the following are met:
  1. The deposit account records must disclose the existence of the trust relationship
  2. The interests of the beneficiaries must be recognizable from the account records or from the records of the trustee maintained in good faith and in the regular course of business
  3. Value of each beneficiary's interest must be determinable
  4. Trust must be valid under state law
• IRA and Keogh funds are separately insured from any non-retirement funds the depositor may have at an institution. However, the two are added together and the combined total will be insured up to $100,000. IRA and Keogh deposits made before December 19, 1993 are insured separately from each other and from any other funds of the depositor. They are subject to the aggregation rules when they mature, roll over or are renewed. An Education IRA is insured under the rules for irrevocable trust accounts.
• Funds deposited by an executor or administrator are added to any other funds the deceased may have maintained at the depository institution. Funds deposited by a guardian, custodian, agent, nominee or similar fiduciary are added to any other single ownership funds.
• Funds deposited by a corporation, partnership or unincorporated association are insured up to a maximum of $100,000. If business is a sole proprietorship, it is treated as the individually owned funds of that person.
• Whenever two or more insured depository institutions merge, their deposits continue to be separately insured for six months from the date of the merger. Certificates of Deposit assumed continue to be separately insured until the earliest maturity date after the end of the six month period.