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A deposit account owned by one person, without named beneficiaries, including:

• Checking Accounts
• Savings Accounts
• Money Market Deposit Accounts

 Coverage Limit: All single accounts owned by the same person at the same bank are added together and insured up to $250,000.

NOTE: Accounts with one or more owners that name beneficiaries are insured as Trust deposits, assuming the requirements described in that section are met.

�౦��Ϸ���� deposit insurance covers retirement accounts in which plan participants have the right to direct how the money is invested, including:

• Individual Retirement Accounts (IRAs)
• Self-directed defined contribution plans, such as a 401k or profit-sharing plan
• Self-directed Keogh plan accounts
• Section 457 deferred compensation plan accounts, whether self-directed or not

 Coverage Limit: All retirement accounts listed above owned by the same person at the same bank are added together and insured up to $250,000.

A deposit account owned by two or more people, without named beneficiaries. To qualify for coverage, all owners must:

• Be living people
• Have equal rights to make withdrawals
• Sign the deposit account signature card (unless the account is a CD). Electronic signatures meet this requirement.

 Coverage Limit: Each co-owner's shares of every joint account at the same insured bank are added together and insured up to $250,000.

NOTE: Accounts with one or more owners that name beneficiaries are insured as Trust deposits, assuming the requirements described in that section are met.

Trust Accounts are deposits held by one or more owners under either an informal revocable trust (e.g., Payable on Death (POD)/In Trust For (ITF) accounts), a formal revocable trust, or an irrevocable trust.

Trust Accounts include:

• Informal Revocable Trusts – often called payable on death (POD), Totten trust, in trust for (ITF), or as trustee for (ATF) accounts – are created when the account owner signs a deposit account agreement, directing the bank to transfer the funds in the account to one or more named beneficiaries upon the owner’s death.
• Formal Revocable Trusts – often called living or family trusts – are written trusts created for estate planning purposes. The owner controls the deposits and other assets in the trust during his or her lifetime. The agreement establishes that the deposits are to be paid to one or more identified beneficiaries upon the owner’s death. These trusts typically become irrevocable upon the owner’s death.
• Irrevocable Trusts - deposit accounts held in connection with a trust established by statute or a written trust agreement in which the owner contributes deposits or other property to the trust and gives up all power to cancel or change the trust. An Irrevocable Trust also may come into existence upon the death of an owner of a formal revocable trust. Deposit insurance coverage for irrevocable trust deposits is calculated in the same manner as revocable trust deposits. The rules no longer consider contingencies or the grantor’s retained interest.

 When calculating coverage for Trust Accounts, the �౦��Ϸ���� uses the formula:
 # of Owners x # of Beneficiaries x $250,000 = Amount Insured
         (not to exceed $1,250,000 per owner for all trust accounts)

A deposit of a pension plan, defined benefit plan, or other employee benefit plan that is not self-directed. An employee benefit plan account is an account representing funds of a plan where investment decisions are made by a plan administrator (not by the participants).

 Coverage Limit: The interests of each participant's non-contingent interest under the plan is insured up to $250,000 per bank. For plans where the interests are contingent, such as health and welfare plans, the coverage is $250,000 for the plan itself.

Deposits owned by corporations, partnerships, and unincorporated associations, including for-profit and not-for-profit organizations. The corporation, partnership, or unincorporated association must be separately organized under state law and operate primarily for some purpose other than to increase deposit insurance coverage.

 Coverage Limit: All deposits owned by a corporation, partnership, or unincorporated association at the same bank are added together and insured up to $250,000, separately from the personal accounts of the owners or members.

Government accounts include deposit accounts owned by:

• The United States, including federal agencies
• Any state, county, municipality (or a political subdivision of any state, county, or municipality), the District of Columbia, Puerto Rico and other government possessions and territories
• An Indian tribe

 Coverage Limit: The Official Custodian of a public unit is insured up to at least $250,000 per bank. Coverage amounts may be more depending on the type of deposit and whether the public unit is located in the same state as the bank. Click here for more information about deposit insurance for accounts held by government depositors.