FDIC Insurance Coverage

As an FDIC member bank, at American Community Bank your deposits are insured by the Federal Deposit Insurance Corporation (FDIC). Recently the maximum standard insurance amount in the sum of $250,000 was made permanent for checking, savings accounts, money market accounts and certificates of deposits. 

In addition to the increased coverage, the FDIC has simplified the rules for determining the deposit insurance coverage available on revocable trust accounts – commonly called pay-on-death or living trust accounts.  Now you can name anyone as long as their beneficiary is a natural person, charity, or other non-profit organization.  The owner is insured for up to $250,000 for each beneficiary.

Transaction Account Guarantee Program

American Community Bank is participating in the FDIC’s Transaction Account Guarantee Program.  Under this program all non-interest bearing checking accounts as well as NOW accounts are fully guaranteed by the FDIC for the entire amount in the account.

Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules and is effective through December 31^st 2010.

To learn more about FDIC insurance, visit the agency’s web site at www.fdic.gov.