Deposit Insurance
07/19/2023
Deposit Insurance
Your financial institution may be one of the safest places to store your hard-earned cash. The best part? All you have to do is open an account.
Your Money is Protected with CSB
There are two organizations, both backed by the United States government, that insure your money at participating banks - the FDIC (Federal Deposit Insurance Corporation) and the DIF (Deposit Insurance Fund). These organizations both function as safety nets for your deposits.
As a member of both the Federal Deposit Insurance Corporation (FDIC) and the Depositors Insurance Fund (DIF), all deposits at Clinton Savings Bank are 100% fully insured without limit or exception. Each depositor is insured by the FDIC up to $250,000. All deposits above the FDIC insurance amount are insured in full by the Depositors Insurance Fund (DIF). Because of this protection, insured banks like Clinton Savings Bank and the covered accounts within them are one of the safest places that you can keep your money. In other words, it's completely safe to keep your money in a financial institution where it's insured and protected.
FDIC Insurance
The limits of coverage offered by the FDIC for their member bank account holders depends on what ownership categories your accounts fall into. For example, if you have a single owner savings account and checking account, those are both in the single owner account category, so they would be insured for a total of $250,000. But if you had accounts that fall into different categories—say a checking account and an IRA —each account would be insured for $250,000, meaning you would have a total of $500,000 of protection.
Are Trust & Joint Accounts Insured with the FDIC?
The rules change a little when it comes to joint accounts and trusts. Joint accounts are protected for $250,000 per owner. So, if you have a joint account with your spouse, it would be insured for a total of $500,000. Trust accounts are generally insured for $250,000 per beneficiary. Meaning, if you have 3 beneficiaries listed in the trust, it would be protected for up to $750,000. In other words, only a trust’s beneficiaries are protected, not a trust’s owner.
DIF Insurance - How Much Money Is Insured?
For member banks, like CSB, all deposits above the FDIC limits are insured by the DIF. So, between the two, your deposits are fully insured. However, some banks only have FDIC insurance and not the additional DIF coverage.
How Can I Protect All of My Money?
If you have accounts at other financial institutions you may want to verify that your accounts are insured, and if so, to what limits. Most institutions have the information on their website but you can also visit or call a branch to ask one of their representatives. If your funds are not fully insured with your other institutions you may want to consider moving those funds to a fully insured institution like Clinton Savings Bank.