Federal Deposit Insurance Corporation (FDIC)
VirtualBank is a division of Sabadell United Bank, N.A. Deposits held
in VirtualBank are added together with deposits held directly with Sabadell United
Bank, N.A. for determining FDIC coverage. Our FDIC certificate number is 21837 and
is registered under the Sabadell United Bank, N.A. name.
The FDIC is an independent agency of the United States government that protects
the funds depositors place in banks. FDIC insurance is backed by the full faith
and credit of the United States government. Since the FDIC was established in 1933,
no depositor has ever lost a single penny of FDIC-insured funds.
FDIC insurance covers all deposit accounts, including Certificates of Deposit, Money
Market Deposit Accounts, Checking Accounts and Savings Accounts. The standard insurance
amount is $250,000 per depositor, for each account ownership category.
NOTICE OF EXPIRATION OF THE TEMPORARY FULL FDIC INSURANCE COVERAGE FOR NONINTEREST-BEARING TRANSACTION ACCOUNTS
By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount
($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of noninterest-bearing transaction
accounts, visit http://www.fdic.gov/deposit/deposits/unlimited/expiration.html
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,
Maximize your FDIC Coverage Click here for an example of how a couple could be insured to $1,500,000
The FDIC provides separate coverage for deposits held in different account ownership
categories which could maximize your coverage. You may qualify for more coverage
if you have funds in different ownership categories.
The following chart shows standard insurance amounts for FDIC account ownership
FDIC Deposit Insurance Coverage Limits*
by account ownership category
Owned by one person
|$250,000 per owner
Owned by two or more persons
|$250,000 per co-owner
Revocable Trust Accounts
Payable on death "POD" and formal trusts
|$ 250,000 per owner per beneficiary up to 5 beneficiaries. More coverage may be
available for 6 or more beneficiaries. Visit the FDIC Website or call them at
877-ASKFDIC (877-275-3342) for details.
Looking for a quick tool to help you calculate your FDIC coverage? Use the FDIC's
Electronic Deposit Insurance Estimator (EDIE) at: www.fdic.gov/edie
For additional information, visit the FDIC
Website or call them at 877-ASKFDIC (877-275-3342).
* These deposit insurance coverage limits refer to the total of all deposits that
an accountholder (or accountholders) has at each FDIC-insured bank. The listing
above shows only the most common ownership categories that apply to individual and
family deposits, and assumes that all FDIC requirements are met