FDIC Insurance

Enjoy greater peace of mind with increased FDIC insurance on your Chemical Bank deposit accounts.

The FDIC’s deposit insurance coverage has been permanently raised to $250,000 per depositor. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Here are answers to some frequently asked questions about this permanent change in FDIC coverage.

  • What types of accounts are eligible for FDIC insurance?

    • All deposit accounts at insured banks are covered, including checking, savings, CDs and money market savings accounts up to the insured limit. However, mutual funds, stocks, bonds and other investments purchased through an insured bank are not covered.

  • How do I know how much I'm covered for?

    • The base coverage amount is $250,000 per depositor for combined deposits in the same bank. However, if you have joint and individual accounts, you and your spouse may be eligible for additional coverage. In this example, up to $1,000,000 in FDIC insurance is available.1

      Chemical Bank

      Your Chemical Bank account and CD

      $250,000

      Spouse's Chemical Bank savings account and CD

      $250,000

      Joint Chemical Bank savings account and CD

      $500,000

      ($250,000 each)

      Total for Household

      $1,000,000

      To calculate how your own accounts are covered by FDIC insurance, visit www.myfdicinsurance.gov and use EDIE the Estimator to create an easy to read report.

  • What do I have to do to obtain this coverage?

    • The FDIC coverage increases are automatic. There is no action required on your part.

  • How can I learn more about my FDIC coverage?

    • For specific questions about your accounts, talk to a Chemical Bank representative or visit www.fdic.gov for more general information.

Click here to see the online version of the Deposit Insurance Summary provided by the FDIC.

1Examples assume no other deposit accounts at Chemical Bank. How customers establish or title accounts may have legal, financial, estate planning and/or tax consequences, so customers should be advised to consult with their legal and tax advisor(s).

2Most interest bearing checking accounts with an interest rate equal to or less than .25% are covered. Call or visit a Chemical Bank branch for more details.

 

You may visit the FDIC's website to view additional frequently asked questions regarding deposit accounts at www.fdic.gov/deposit/difaq.html.

For Consumer Protection information visit the FDIC's website at www.fdic.gov/consumers/index.html.

 


 
NOTICE OF CHANGES IN TEMPORARY FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS

All funds in a “noninterest-bearing transaction account” are insured in full by the Federal Deposit Insurance Corporation from December 31, 2010, through December 31, 2012.  This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest.  It also includes Interest on Lawyers Trust Accounts (“IOLTAs”).  It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts.

For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.