Education Center > FDIC Transaction Account Guarantee Program

FDIC Transaction Account Guarantee Program

 

The First National Bank of Wyoming is a Safe and Sound Financial Institution.

 

FDIC Transaction Account Guarantee Program

 

Notice Of Changes In Temporary FDIC Insurance Coverage for Transaction Accounts

 

By Federal Law, as of January 1, 2013, funds in a non-interest bearing transaction account (including IOLTA's) will no longer receive unlimited deposit insurance coverage, but will be FDIC insured to the legal maximum of $250,000.00 for each ownership category. 

For more information about temporary FDIC insurance coverage for transaction accounts, visit www.fdic.gov.

 

FDIC Insurance Q & A

Are my deposits safe at First National?

  • Yes they are. Not only are your deposits safe with us as your bank of choice, they’re insured by the FDIC up to the maximum allowed by law.
     
  • Since The First National Bank of Wyoming is a member of the FDIC, they insure all deposits at our bank including deposits in checking accounts, interest bearing checking accounts, savings accounts, money market accounts*, and Certificates of Deposit. Generally, these types of accounts are insured up to $250,000.00 (Permanently raised to this level from the original $100,000.00 in coverage on July 21, 2010 as a part of the Dodd-Frank Wall Street Reform and Consumer Protection Act). 

    *The type of Money Market accounts offered at First National are insured up to the maximum limits by FDIC Insurance. We do not offer Money Market Mutual Funds which are not covered by FDIC Insurance.

 

  • Individual Retirement Accounts (IRA’s) continue to be insured separately from other deposit accounts up to $250,000.00 per individual. This insurance coverage for these types of accounts became permanent effective April 1, 2006.
     
  • If you have more than $250,000.00 in deposits with us, it may be possible to insure these funds, depending upon the type of ownership category they fall under and the type of account they are deposited in. Click here to learn more about FDIC deposit insurance coverage.

 

If you would like to calculate your FDIC insurance coverage using the FDIC’s "EDIE" (Electronic Deposit Insurance Estimator) calculator, Click here. It’s an easy process and will only take a few minutes.

  • Business accounts generally receive $250,000.00 in FDIC deposit insurance coverage. Sole Proprietorship accounts are insured as the single account funds of the person who is the sole proprietor. 

 Again, FDIC insurance coverage of $250,000.00 has now been made permanent by the signing of the Dodd-Frank Bill.  Individual Retirement Accounts remain covered separately at $250,000.00.

We hope you have found this information useful regarding FDIC Insurance coverage. All of us at First National want you to know your money is safe and sound with us today as it has been for over 100 years. If you need any further information regarding FDIC Insurance coverage, please Contact us. We will be happy to discuss your coverage with you directly.

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