The Federal Deposit Insurance Corporation (FDIC) has permanently raised the current standard maximum deposit insurance to $250,000 per depositor. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. Boiling Springs Savings Bank, as a member of the FDIC, wants you to know that your deposits are protected at the maximum level available.

The following information is the new deposit insurance coverage that the FDIC has made available:

• FDIC insurance maximum limits are $250,000 per depositor.
• Single Accounts (owned by one person)   $250,000 per owner
• Joint Account (two or more persons)         $250,000 per owner
• Trust/Payable-On-Death Accounts           $250,000 per beneficiary
• IRA deposits are covered to $250,000 per depositor.
• 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
• FDIC has also permanently changed the definition of a qualifying beneficiary for trust accounts (either a payable-on-death account or a living trust account). A qualifying beneficiary must be a person, charity or another non-profit organization as recognized by the IRS

For more information on FDIC insurance, please visit the FDIC website at www.fdic.gov