FDIC Coverage

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FDIC Coverage

As an institution insured by the Federal Deposit Insurance Corporation (FDIC), deposits at M.Y. Safra Bank receive full FDIC coverage up to $250,000 per depositor, for each account ownership category. FDIC insurance covers all deposit accounts offered by M.Y. Safra Bank.

The FDIC provides separate coverage for deposits held in different account ownership categories. Thus, a depositor at M.Y. Safra Bank can maintain more than $250,000 in deposits in more than one account and still be fully insured, provided the accounts meet certain requirements. The coverage limits outlined in the chart below refer to the total deposit coverage an account holder has in the same ownership category.

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
Revocable 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

The table below demonstrates how a family of four could maximize their FDIC insurance coverage.

A Family of Four Could Receive Up to $6 Million in FDIC Deposit Insurance Coverage
Individual Account owned by Dan Doe	$250,000
Individual Account owned by Mary Doe	$250,000
Individual Account owned by son, Josh Doe	$250,000
Individual Account owned by daughter, Whitney Doe	$250,000
Joint Account owned by John and Mary Doe and two children	$1,000,000
IRA owned by Dan Doe	$250,000
IRA owned by Mary Doe	$250,000
IRA owned by son, Josh Doe	$250,000
IRA owned by daughter, Whitney Doe	$250,000
Revocable Trust Account owned by Dan Doe for benefit of wife and two children	$750,000
Revocable Trust Account owned by Mary Doe for benefit of husband and two children	$750,000
Revocable Trust Account owned by Josh Doe for benefit of mother, father and sister	$750,000
Revocable Trust Account owned by Whitney Doe for benefit of mother, father and brother	$750,000
Total:	$6,000,000

If you have questions about FDIC coverage limits and requirements, please visit www.FDIC.gov, or call toll-free 1-877-ASK-FDIC. You can also visit the FDIC's Electronic Deposit Insurance Estimator (EDIE) at the FDIC's website to calculate your coverage.

Designed to help maximize the effectiveness of your money, M.Y. Safra Bank’s checking, savings and lending products represent a commitment to its customers. These accounts include the anytime, on-demand access that you need.

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