FDIC Deposit Insurance Coverage

Deposits are insured at Bank of the West

It's prudent and reasonable to have questions about the safety of your funds. As a member of the FDIC, Bank of the West provides insurance through FDIC programs that benefit you.

We want to assist you with information about the way FDIC deposit insurance works. The FDIC is an independent federal agency that was created in 1933 to protect bank depositors whose banks had failed and now also helps maintain sound conditions in the U.S. banking system. The FDIC is backed by the full faith and credit of the United States government.

Deposits are insured at Bank of the West

Your deposits are insured at Bank of the West, a member of the Federal Deposit Insurance Corporation (FDIC) (www.fdic.gov). The FDIC insures deposits in all member banks in the United States.

FDIC insurance covers all types of deposits, including:

  • Checking accounts
  • Savings accounts
  • Money Market deposit accounts
  • Time deposits such as certificates of deposit (CDs)
  • Deposit products held in IRAs and other retirement accounts
  • Cashier's checks, Money Orders, Loan disbursement checks, Interest checks, Drafts

Is all the money in my accounts insured?
In May 2009, the FDIC extended its $250,000 basic insurance coverage per depositor per bank through December 31, 2013. Effective July 22, 2010, the increased FDIC limit of $250,000 per depositor per bank is permanent.

If you have more than $250,000 in your accounts...
You may be able to deposit more than $250,000 at Bank of the West and still be fully insured by the FDIC. Deposits in different categories of ownership at one bank can be separately insured. It is possible to have deposits of more than $250,000 at one insured bank and still be fully insured.

Some retirement accounts such as IRAs are insured up to $250,000 per depositor, per insured bank. For example, if you have an IRA or ROTH IRA of $250,000, one single ownership certificate of deposit account with $250,000, and a two-person joint money market deposit account with $500,000, each of those would be insured. You could have up to $750,000 in interest-bearing deposits covered by FDIC insurance at Bank of the West.

Ownership categories insured

  • Single accounts
  • Joint accounts
  • Certain retirement accounts
  • Most trust accounts
  • Employee benefit plans
  • Corporation, partnership and unincorporated association accounts

Ownership of an account has legal consequences and you may wish to consult with your attorney, tax advisor or the FDIC to determine whether you should change the ownership of an account.

Tools are available to help understand your FDIC insurance...
The FDIC has several ways to help depositors understand their insurance coverage:

  • The FDIC has an electronic calculator (EDIE) to help depositors determine the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank. The calculator at FDIC is meant to help depositors assess the benefits and limits of deposit insurance. More information on changes to FDIC insurance coverage can be found here.

  • Or call the FDIC for more information at (877) 275-3342.