IMPORTANT FDIC INSURANCE INFORMATION
By federal law, beginning January 1, 2013, funds deposited in a non-interest-bearing transaction account (including IOLTAs) will discontinue receiving unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC) at all FDIC insured institutions.
Beginning January 1, 2013, the law declares all of a depositor's accounts will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000) for each deposit insurance ownership category.
For more information visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html.
Lakeland Bank wants you to feel confident that your deposits are safe and that we provide the greatest available level of financial security to our customers. To speak to a customer service representative, call us at 1-866-224-1379.
The Basic FDIC Deposit Insurance Coverage Limits
|
Single Accounts (owned by one person)
|
|
$250,000 per owner
|
|
Joint Accounts (two or more persons)
|
|
$250,000 per co-owner
|
|
IRAs and certain other retirement accounts
|
|
$250,000 per owner
|
|
Trust Accounts*
|
|
$250,000 per owner per beneficiary subject to specific limitations and requirements
|
|
Corporation, Partnership and Unincorporated Association Accounts
|
|
$250,000 per corporation, partnership or unincorporated association
|
|
Employee Benefit Plan Accounts
|
|
$250,000 for the non-contingent, ascertainable interest of each participant
|
|
Government Accounts
|
|
$250,000 per official custodian
|
*The FDIC has eased the rule governing "revocable trust accounts" that pass to named beneficiaries when the account owner dies. Now an account owner can name any person or charity as a beneficiary and the owner will qualify for the additional deposit insurance coverage. Read more about this change at: http://www.fdic.gov/news/news/financial/2008/fil08099.html.