Webster - we find a way
Important Information about Insuring Your Deposits through the FDIC
Individuals Can Maximize their FDIC Coverage
The FDIC deposit insurance fully protects the deposits in each "ownership category." Common ownership categories include individual accounts, joint accounts and revocable trust accounts, such as "payable on death" or "in trust for" accounts. IRA's are a separate ownership category and are covered up to $250,000 for each IRA account owner, increasing the FDIC deposit coverage.
For example, with careful planning a family of three may obtain deposit insurance coverage up to $2,500,000 on their accounts as follows:
|Ownership Category||FDIC Coverage||Ownership Examples|
|Joint Account||$250,000||Wife OR Husband|
|$250,000||Wife OR Child|
|$250,000||Husband OR Child|
|Revocable Trust Account|
(also known as POD)
|$250,000||Wife in Trust for Husband|
|$250,000||Husband in Trust for Wife|
|$250,000||Wife in Trust for Child|
|$250,000||Husband in Trust for Child|
For more information about the FDIC and an easy to use Electronic Deposit Insurance Estimator, please visit the official FDIC Web site. You may also call the FDIC toll-free at 1-877-ASK-FDIC (1-877-275-3342). FDIC information specialists are available Monday through Friday from 8:00 a.m. to 8:00 p.m., Eastern Time.
Click here for more information on safety and security of your Webster Bank deposit accounts.