By operation of federal law, beginning January 1, 2013, funds deposited in a noninterest bearing transaction account (including an Interest on Lawyer Trust Account IOLTA) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depsoitor'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.
Since PremierBank is an FDIC insured institution, it means that your qualifying deposits are insured by the federal government. And when your money is FDIC insured, you can't lose a penny, no matter what. But as with any insurance, there are coverage limits and requirements that must be met.
To help you determine your insurance coverage, you can use an easy-to-use online FDIC tool called EDIE – The Estimator, which PremierBank is making available to you on our website.
A few minutes with EDIE can give you endless peace of mind. You'll know if the money you have in your PremierBank deposit accounts is fully protected or if any accounts exceed coverage limits.
Using EDIE is easy. Just click the button below to get started. To save time, have a list of your deposit accounts and the amount you have in each. If you have joint accounts or trust accounts that name beneficiaries, have those names too. To check business accounts, you will need the business name and Employer Identification Number (EIN).
To ensure your privacy, PremierBank does not allow EDIE access to any personal or account information, nor will EDIE store any of the information you provide. No information is sent over the Internet.