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WHAT IS INSURED BY THE FDIC?
All types of deposits held by ConnectOne Bank are covered by FDIC insurance including:
- Checking Accounts
- Savings Accounts
- Money Market Accounts
- Certificates fo Deposits
- Individual Retirement Accounts
WHAT AMOUNT OF INSURANCE COVERAGE DO I HAVE FOR MY ACCOUNTS?
Basic FDIC Insurance is $250,000 per depositor, per insured financial institution.
Coverage Over Basic Insurance:
The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. It is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. The ownership categories are (1) single; (2) joint; (3) revocable trust (informal revocable trusts such as "Payable-on-death" accounts and formal revocable trusts such as living/family trusts created for estate planning purposes); (4) irrevocable trusts; (5) certain retirement plans; (6) employee benefit plans; (7) business (corporation, partnership, unincorporated associations); and (8) government.
To calculate your FDIC insurance coverage, please visit http://www.fdic.gov/edie/
Coverage During a Merger:
If two federally insured banks merge causing your deposits to exceed the $250,000 limit at the combined institution, under the FDIC's rules you are in no immediate risk of having funds over the insurance limit. In general, the deposit accounts you had at the acquired institution will continue to be separately insured for six months following the merger and longer in the case of some Time Accounts (CDs). This six-month grace period allows you time to restructure your accounts so you can maximize your coverage at the new institution.
WHAT IS NOT INSURED BY THE FDIC?
Examples of non-deposit investment products that are not covered by FDIC deposit insurance include:
Stocks, bonds, or other securities
Cash in trading accounts
Contents of a Safe Deposit Box (see below)
If you own ConnectOne Bancorp, Inc. stock, please be advised that investment products are not protected or insured by the FDIC or any other federal government agency. Stocks may lose value and are not a deposit of, or guaranteed by, the Bank or any Bank subsidiary.
The contents of safe deposit boxes are not insured by the FDIC. If you are concerned about the safety or replacement of items you have put in a safe deposit box, you may wish to consider purchasing fire and theft insurance. Separate insurance for these perils may be available; consult your insurance agent. Usually such insurance is part of a homeowner's or tenant's insurance policy for a residence and its contents. Again, consult your insurance agent for more information. In the event of a bank failure, in most cases an acquiring institution would take over the failed bank's offices, including locations with safe deposit boxes. If no acquirer can be found, the FDIC would send boxholders instructions for removing the contents of their boxes.
WHERE CAN I GO IF I STILL HAVE QUESTIONS?
If you still have questions, please contact the FDIC toll-free at 1-877-ASK-FDIC (877-275-3342 ) from 8:00 am until 8:00 pm (Eastern Time) or contact them online at www.fdic.gov
Calculate your FDIC insurance coverage
A guide to what is and is not protected by FDIC insurance
FDIC's Consumer News: