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FDIC insurance coverage for noninterest-bearing transaction accounts

By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest-bearing transaction account (including an Interest on Lawyer Trust Account) ­­‑‑ no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor’s ‑‑ accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

For more information about FDIC insurance coverage of noninterest-bearing accounts visit: www.fdic.gov 


FDIC insurance coverage – insured merged banks

When two or more insured banks merge, the deposits from the assumed bank (Penn Security Bank & Trust Company) continue to be insured separately for at least six-months after the merger. This grace period gives a depositor the opportunity to restructure his or her accounts, if necessary.

CDs from the assumed bank are separately insured until the earliest maturity date after the end of the six-month grace period. CDs that mature during the six-month period and are renewed for the same term and in the same dolloar amount (either with or without accrued interest) continue to be separately insured until the first maturity date after the six-month period. If a CD matures during the six-month grace period and is renewed on any other basis, it would be separately insured only until the end of the six-month grace period. 

As members of the CDARS (Certificate of Deposit Account Registry Service), we are able to provide coverage for deposits at the same bank in excess of the $250,000 FDIC limit. For more information, please contact any office of Peoples Security Bank & Trust Company.


Calculate your FDIC coverage by visiting one of the links below:

ENTER HERE for English version

ENTER HERE for Spanish version