FDIC Insurance
Competitive rates without risk is an important reason to bank at Tustin Community Bank. Deposits are federally insured up to $250,000 and backed by the full faith and credit of the United States government. There is no cost to you for this insurance. Savings dollars are invested by Tustin Community Bank in many ways. By setting up a series of individual accounts, joint accounts and revocable trust accounts, you can have insured deposits totaling much more than $250,000.
In addition, your IRA funds on deposit at Tustin Community Bank will now be separately insured up to $250,000.00 by the FDIC.
See the FDIC Consumer News Special bulletin about the new higher deposit insurance coverage for retirement accounts.
EXAMPLE
A husband, wife and two children may have insured accounts totaling $3,500,000.
Individual Accounts: |
Husband |
$250,000 |
Wife |
$250,000 |
Child #1 |
$250,000 |
Child #2 |
$250,000 |
Joint Accounts: |
Husband and Wife |
$250,000 |
Husband and Child (#1) |
$250,000 |
Wife and Child (#2) |
$250,000 |
Child #1 & Child #2 |
$250,000 |
Revocable Trust Accounts: |
Husband as Trustee for Wife |
$250,000 |
Husband as Trustee for Child #1 |
$250,000 |
Husband as Trustee for Child #2 |
$250,000 |
Wife as Trustee for Husband |
$250,000 |
Wife as Trustee for Child #1 |
$250,000 |
Wife as Trustee for Child #2 |
$250,000 |
TOTAL |
$3,500,000 |
The same grouping of insured deposits can be arranged for a grandfather,
grandmother and two grandchildren, instead of a husband, wife and
two children. Our Sales and Service Representatives will gladly explain
how you can increase your insurance protection through multiple ownership
of accounts. For a review of your accounts, contact
us.
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