FDIC Information | MA CT VT NY RI Bank Insurance

You may have questions about your money and how it is insured by the FDIC. We want to make sure that you have access to the tools and resources you need to understand how FDIC insurance works.

Beacon Bank is a member of the Federal Deposit Insurance Corporation (FDIC).
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks and savings associations.
FDIC insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has lost a penny of FDIC-insured funds.
The FDIC provides a tool at https://www.fdic.gov/edie/index.html. The FDIC’s Electronic Deposit Insurance Estimator (EDIE) lets consumers know, on a per-bank basis, how the insurance rules and limits apply to a depositor's specific group of deposit accounts—what's insured and what portion (if any) exceeds coverage limits at that bank. EDIE also allows the user to print the report for their records.

Basic FDIC Deposit Insurance Coverage Limits*

Account Type	Coverage Limit
Single Account A deposit account owned by one person, no beneficiaries	$250,000 per owner
Joint Account A deposit account owned by two or more persons, no beneficiaries	$250,000 per co-owner
Certain Retirement Accounts (including IRAs)	$250,000 per owner regardless of the number of beneficiaries
Trust Accounts (With Beneficiaries) Informal Revocable Trusts Payable on Death (POD) or In Trust For (ITF) Formal Revocable Trusts Irrevocable Trusts	$250,000 per beneficiary, using the following formula: # of Owners X # of Distinct Beneficiaries X $250,000 = Amount Insured (not to exceed $1,250,000 per owner for all trust accounts)
Employee Benefit Plan Account A deposit of a pension plan, defined benefit plan or other employee benefit plan that is not self-directed	$250,000 for the noncontingent interest of each plan participant
Corporation, Partnership, or Unincorporated Association Account Deposits owned by corporations, partnerships, and unincorporated associations - including for-profit and not-for-profit organizations	$250,000 per corporation, partnership or unincorporated association
Government Account	$250,000 per official custodian

* These deposit insurance coverage limits refer to the total of all deposits that an account holder (or account holders) has at each FDIC-insured bank. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.

For more information, visit the FDIC website.

Beacon Bank also offers a range of investment^* accounts and insurance products that do not qualify as deposits, and are therefore not covered by FDIC insurance. Examples of non-deposit investment products that are not covered by FDIC deposit insurance include:

Investments in mutual funds
U.S. Treasury bills, notes, and bonds purchased through an insured institution
Annuities
Insurance products
Stocks, bonds, or other securities
Contents of a Safe Deposit Box

^*Investment products are NOT A DEPOSIT, NOT FDIC INSURED, NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY, NOT GUARANTEED BY THE BANK, and MAY LOSE VALUE.

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