logo FDIC Insurance

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. 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 (Insuring funds exceeding the FDIC maximums above): 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.

logo Electronic Deposit Insurance Estimator

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.


logo Increase your FDIC Insurance coverage with CDARS