Personal Banking
FDIC
This page provides basic information and links to resources and tools about FDIC Deposit Insurance. In addition, you may contact any Eastwood Bank office for information. We welcome your questions and the opportunity to maintain your confidence.
FDIC Deposit Insurance
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC’s creation in 1933, no depositor has ever lost even one penny of FDIC-insured funds.
The basic FDIC insurance coverage has been increased to $250,000 through December 31, 2013. (This provision was originally scheduled to expire at the end of 2009 and has since been extended.) This means that FDIC insurance coverage is now available for amounts well in excess of $250,000 based on account ownership.
Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts
All funds in a “noninterest-bearing transaction account” are fully insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.
The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts (“IOLTAs”).
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
Insuring your Deposits
To learn more, go to Insuring your Deposits for answers and
information about:
What is the FDIC?
Why is the FDIC important to you?
Basic insurance amount is $250,000
Coverage over $250,000
- You may qualify for more than $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories.
- Common Ownership Categories
Calculating your Insurance Coverage
To calculate insurance coverage on your deposits, use the FDIC’s
online Electronic Deposit Insurance Estimator (EDIE). It’s an
interactive, easy-to-use, application to help you calculate the insurance coverage of your accounts and to learn more about deposit insurance.
CDARS (Certificate of Deposit Account Registry Services)
If your deposit balances exceed the amount that can be FDIC insured in one bank, consider the benefits of CDARS (Certificate of Deposit Account Registry Services) through Eastwood Bank. We will place your funds in CDs issued by other banks in the CDARS network in amounts less than $100,000 to ensure full FDIC insurance coverage on your principal and interest.
- Extended FDIC coverage. Your total balance over $100,000 –
as high as $1 million or more – can be FDIC-insured. - Simplified account management: Save the time and expense
of negotiating, tracking, and managing CDs at multiple banks.
Sign one agreement and receive consolidated statements. - Competitive Interest Rate: Rates available through CDARS compare favorably with other high-quality, fixed-income investment returns.
- Contact any Eastwood Bank Personal Banker about CDARS.
Other Questions?
If you have more questions or want personal assistance, please contact us. We welcome your questions the opportunity to serve you.
Call Eastwood Bank Customer Service: 888-810-0659 (toll free)
E-mail Eastwood Bank Customer Service
Call or visit any Eastwood Bank office location
For direct contact with the FDIC:
Call toll-free 1-877-ASK-FDIC (1-877-275-3342)
Monday through Friday from 8 a.m. until 8 p.m. (Eastern Time)
