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FDIC Helpful Links

FDIC DEPOSIT INSURANCE

Are You Covered?

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in FDIC-insured institutions.

There is no need for depositors to apply for FDIC insurance or even to request it; coverage is automatic. FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit.

The FDIC guarantees deposit accounts (checking, savings, money market and CDs) up to the maximum allowed by law. The Dodd-Frank Wall Street Reform and Consumer Protection Act signed by President Barack Obama on July 21, 2010, made permanent the current standard maximum deposit insurance amount (SMDIA) of $250,000. The FDIC coverage limit applies per depositor, per insured depository institution, for each account ownership category.

Investment products (mutual funds, annuities, life insurance policies, stocks and bonds) are not FDIC insured, may lose value, and are not bank guaranteed.

Monument Bank participates in the FDIC's Transaction Account Guarantee Program. Under this program, through December 31, 2010, all non-interest-bearing transaction accounts (checking accounts) are fully guaranteed by the FDIC for the entire amount in the account. Interest checking accounts (also known as Negotiable Order of Withdrawal accounts or NOW accounts) that earn an interest rate at or below 0.25%, are also fully guaranteed by the FDIC. Coverage under this program is in addition to and separate from the coverage available under the FDIC's basic deposit insurance rules.

The FDIC provides separate coverage for deposits held in different account ownership categories. To ensure funds are fully protected, depositors should understand their coverage limits. You can calculate your insurance coverage using the FDIC's Electronic Deposit Insurance Estimator. For questions about FDIC coverage, call toll-free 1-877-ASK-FDIC or ask a bank representative.