SpiritBank is a member of the Federal Deposit Insurance Corporation (FDIC).

The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the Federal Government organized in 1933 that insures depositors' accounts up to the insured amount. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.

FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). Congress has recently raised the Federal Deposit Insurance limits on these types of accounts from $100,000 to $250,000. FDIC insurance does not, however, cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, or annuities.

SpiritBank also participates in the FDIC’s Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. Certain negotiable order of withdrawal accounts (NOW accounts) with interest rates no higher than 0.50 percent also qualify for full coverage under the program.

There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

To ensure funds are fully protected, depositors should understand their coverage limits. The FDIC provides separate coverage for deposits held in different account ownership categories. To learn more about the coverage limits of the most common ownership categories that apply to individual and family deposits, visit the FDIC website or contact a SpiritBanker at (918) 712-9292.

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