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March 22, 2023
Maximizing FDIC Insurance Coverage
FDIC Coverage is based on Ownership Categories across all accounts held at an institution. It is not calculated by account type or number of accounts. The main Ownership Categories for the average customer are Single Owner, Joint Owner, and Revocable Trust (POD). A business entity is a Single Owner with coverage for the business EIN. Please see the document below for some example scenarios for maximizing your FDIC insurance coverage here at Benchmark Bank.
FDIC Insurance Coverage Basic Information
The FDIC provides a tool called EDIE, which you can use to estimate coverage for your accounts. We can help you make plans to maximize coverage and have many tools at our disposal. As always, we are only a phone call or an email away and are here to help!
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