HOME|ONLINE BANKING|CONTACT US

California Bank of Commerce is participating in the FDIC's Transaction Account Guarantee Program.  Under that program, through June 30, 2010, all noninterest-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.

 

California Bank of Commerce (CBC) is a member of the FDIC.  CBC is proud to also participate in the FDIC’s new Temporary Liquidity Guarantee Program, offering our clients increased deposit insurance over the previous FDIC insurance offered at CBC.  CBC is also participating in the FDIC's Transaction Account Guarantee Program.  Under that program, through June 30, 2010, all noninterest-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. 

 

There is no need for depositors to apply for the new FDIC insurance coverage or even to request it.  Coverage is automatic for a deposit in a member bank.  FDIC insurance covers funds in deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs).

What does the new FDIC insurance coverage mean for you at CBC?

• Unlimited protection for non-interest bearing transaction accounts (see below for details).
• Up to $250,000 for several ownership categories (see below for details). 

These new insurance levels from the FDIC are temporary (please see the chart below for the time frame of the increased coverage).

New FDIC Deposit Insurance
As part of the FDIC’s Temporary Liquidity Guarantee Program and Transaction Account Guarantee Program

Ownership Category	Coverage Limit	Coverage Time Frame
Single Accounts (owned by one person)	$250,000 per owner	On January 1, 2014 the standard coverage limit will return to $100,000.
Joint Accounts (two or more persons)	$250,000 per co-owner	On January 1, 2014 the standard coverage limit will return to $100,000.
IRAs and certain other retirement accounts	$250,000 per co-owner	$250,000 is the standard coverage.
Trust Accounts	$250,000 per owner per beneficiary subject to specific limitations and requirements	On January 1, 2014 the standard coverage limit will return to $100,000.
Corporation, Partnership, and Unincorporated Association Accounts	$250,000 per corporation, partnership, or unincorporated association.	On January 1, 2014 the standard coverage limit will return to $100,000.
Employee Benefit Plan Accounts	$250,000 for the non-contingent, ascertainable interest of each participant.	On January 1, 2014 the standard coverage limit will return to $100,000.
Government Accounts	$250,000 per official custodian	On January 1, 2014 the standard coverage limit will return to $100,000.

 

 

*  By FDIC regulation, CBC Insured Business Checking and CBC Insured Personal Checking accounts will not carry an interest rate in excess of 0.50% for the entire term of the program, which ends on June 30, 2010.

 

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. The coverage limits shown in the charts above refer to the total of all deposits that an accountholder has in the same ownership categories at each FDIC-insured bank. The chart shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.