FDIC Coverage

What is insured by the FDIC?
All types of deposits held at BPD Bank are covered by FDIC insurance including:

  • Checking Accounts
  • NOW Accounts
  • Savings Accounts
  • Money Market Savings Accounts
  • Time Accounts (CDs)

What amount of insurance coverage do I have for my accounts?
Effective through December 31, 2013:

  • Basic Insurance: Basic FDIC insurance has been increased from $100,000 to $250,000 per depositor per insured financial institution.

On July 1, 2010:

  • Beginning July 1, 2010, BPD Bank will no longer participate in the FDIC’s Transaction Account Guarantee Program. Thus, after June 30, 2010, funds held in noninterest-bearing transaction accounts will no longer be guaranteed in full under the Transaction Account Guarantee Program, but will be insured up to $250,000 under the FDIC’s general deposit insurance rules.

On January 1, 2014:

  • Basic FDIC insurance will return to $100,000, except for deposits in IRAs and certain other retirement accounts, which will remain at $250,000 per depositor.

Coverage Over Basic Insurance

The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. It is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. The ownership categories are (1) single, (2) joint, (3) revocable trust (informal revocable trusts such as Payable-on-death accounts and formal revocable trusts such as living/family trusts created for estate planning purposes), (4) irrevocable trusts, (5) certain retirement plans, (6) employee benefit plans, (7) business (corporation, partnership, unincorporated associations), and (8) government.