The Federal Deposit Insurance Corporation (FDIC) has updated it's coverage to strengthen confidence in the banking system. You can have greater peace of mind knowing that your Woodforest deposit accounts are more fully protected during these uncertain economic times.
As of December 31, 2008, basic FDIC insurance has been increased to $250,000 per depositor. Accounts eligible for FDIC insurance include checking, savings, CDs and money market savings accounts. This increased coverage remains in affect through December 31, 2013. On January 1, 2014, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and certain retirement accounts, which will continue to be insured up to $250,000 per owner.
The base coverage amount is $250,000 per depositor for combined deposits in the same bank. However, if you have joint and individual accounts, you and your spouse may be eligible for additional coverage. To calculate how your accounts are covered by FDIC insurance, visit www.myfdicinsurance.gov. Here you'll find an easy, interactive way to estimate your coverage using EDIE the Estimator. You'll also learn about the benefits and limitations of deposit insurance and what that means for you.
Beginning January 1, 2010, Woodforest National Bank and Woodforest Bank will no longer participate in the FDIC's Transaction Account Guarantee Program. Thus, after December 31, 2009, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC's general deposit insurance rules.
If you have specific questions about your accounts, talk to your Woodforest Retail Banker or visit one of our many convenient branches. You can also visit www.fdic.gov for more general information regarding FDIC coverage.
