Optimizing your FDIC insurance coverage at Guaranty Credit Union
Guaranty Credit Union is a member of the Federal Deposit Insurance Corporation (FDIC), an independent agency of the U.S. government that protects bank depositors against the loss of their insured deposits.
The standard FDIC insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.
Guaranty Credit Union clients can qualify for FDIC insurance coverage over $250,000 (up to FDIC-applicable limits) for their deposit accounts if they combine different account ownership categories to optimize coverage.
What does FDIC insurance cover?
FDIC insurance covers traditional deposit accounts (checking, savings, money market deposit accounts and certificates of deposit [CDs]). Coverage is automatic for Guaranty Credit Union deposit clients.
Please note that investment products (stocks, bonds, mutual funds, annuities, life insurance policies, etc.) are not covered by the FDIC. These products are not FDIC insured, not Bank guaranteed and may lose value.
I have more than $250,000 in my deposit accounts at Guaranty Credit Union. How can I ensure those funds are insured up to the applicable limits per account ownership category?
If your Guaranty Credit Union deposit account balances exceed the standard insurance amount ($250,000 per depositor, per insured bank, for each ownership category), consider a combination of different account ownership categories. The most common account ownership categories are single accounts, joint accounts and revocable trusts.
The following are potential examples to optimize your coverage:
Where can I go for more information on FDIC insurance?
For more information or to discuss options for optimizing your FDIC insurance coverage, please contact your banker.
You may also visit EDIE, the FDIC’s Electronic Deposit Insurance Estimator, to calculate your current coverage. For general deposit insurance questions, please visit the FDIC’s website or call (877) ASK-FDIC (877-275-3342).
This FDIC information is based on the FDIC’s deposit insurance rules and regulations and is intended to assist in determining FDIC deposit insurance coverage for deposits held at Guaranty Credit Union. This FDIC information is not intended to provide legal, financial or estate planning advice, nor is it intended to provide guidance for the creation of revocable or irrevocable trust agreements. Specifically for trusts, there may be state specific regulatory or statutory provisions that could result in different FDIC insurance coverage. In addition, the modification of a trust agreement at some future date or the death of an owner or beneficiary may affect the calculation of coverage for a particular trust. Clients should consult their own tax, legal and financial advisors. For additional assistance from an FDIC deposit insurance subject matter expert, please visit fdic.gov/deposit or call the FDIC directly at (877) 275-3342.
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