TAG ACCOUNT EXPIRATION INFORMATION
- The Transaction Account Guarantee Program (TAG) was always intended to be temporary. Now that the economy is stronger, there is no need for the government to provide ulimited insurance on non-interest bearing accounts.
The program expires 12/31/12.
- All the banks are in the same situation. The banking industry had supported a two-year extension, but Congress did not act to extend it.
- Deposit insurance coverage did increase from $100K to $250K, and that's a permanent change.
- Our institution is strong and your money is safe. We have high levels of capital protecting your deposits.
- Talk to us about other options if insuring all of your deposits above $250K is your goal.
FDIC Insurance Information
State Bank of Southern Utah is a member of the FDIC, which means that your eligible deposits are insured against loss in the event of a bank failure.
The FDIC permanently increased basic deposit insurance coverage to $250K per depositor, per institution, per ownership category effective July 21, 2010. You should think of this as a minimum insured amount. FDIC coverage may be multiplied well above the minimum
by using ownership categories and account types to your advantage. Each category/type listed below is insured separately.
- Single ($250K): You are the only signer on the account or the account is for a sole proprietor business.
- Joint ($250K per Signer): You and other signers have equal rights of withdrawal and each person has signed the signature card.
- Informal Trust ($250K per grantor/beneficiary): Living Trusts, Pay on Death (POD), In Trust For (ITF) or other revocable trust.
Example: (two grantors) x (three beneficiaries) x ($250K each) = $1.5 million of FDIC insurance.
- Formal Trust: ($250K per grantor/beneficiary): Account is governed by a trust document that cannot be revoked or changed.
- Retirement ($250K): IRA accounts at the bank fall under this category and are insured up to $250K.
- Organization ($250K): Business entities fall under this category.
- IOLTA and UARHOF accounts ($250K): Client owned funds maintained by lawyers and realtors in trust accounts.
- CDARS (up to multiple millions): Talk to our New Accounts representatives about placing your CDs into the CDARS network.
Please see a new account representative to make the most of your FDIC Insurance.
Clicking this link will take you to the FDIC's Electronic Deposit Insurance Estimator which is designed to help you understand FDIC insurance.
To get the most out of EDIE, you should know the balance and ownership category (single, joint, informal trust, etc) of each of your accounts.
Get multiple millions in deposit insurance with the CDARS program through State Bank of Southern Utah. Multiple millions is not a typo.
"CDARS" is the Certificate of Deposit Account Registry Service, and has been prominently featured in several major money magazines and newspapers.
Click on the link below for a short video that explains the program (you will be redirected to a different website).
Let State Bank help you insure all of your deposits up to multiple millions.
Contact us at (435) 865-2322 for a CDARS rate quote today.