- FDIC Insurance Information
- Banking
- Government & Regulatory
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 unlimited insurance on non-interest bearing accounts. The program expired 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.
Electronic Deposit Insurance Estimator
FDIC Insurance up to multiple millions with CDARS
