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FDIC Insurance Coverage


By operation of federal law, beginning January 1, 2013, funds deposited in a non-interest bearing transaction account (including Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC).  Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.

The term “noninterest-bearing transaction account” includes a traditional checking account or demand deposit account on which the insured depository institution pays no interest. It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, money-market deposit accounts, and Interest on Lawyers Trust Accounts (“IOLTAs”).

For more information about temporary FDIC insurance coverage of transaction accounts, visit


In uncertain times such as these it is natural for you to have questions about your money and to seek reassurance that your money is safe. We at People’s Bank want to make sure that you have access to the tools and resources you need to understand how FDIC insurance works.

  • People’s Bank of Commerce is a member of the Federal Deposit Insurance Corporation (FDIC). 
  • The Federal Deposit Insurance Corporation (FDIC) was created in 1933 to provide insurance protection for depositors of failed banks and to help maintain sound conditions in the nation's banking system. 
  • The FDIC is an independent agency of the U.S. Government. Since its inception, the FDIC has responded to thousands of bank failures. All insured deposits of failed banks and thrifts have been protected by the FDIC. 
  •  The FDIC has launched a tool at that is designed to help consumers learn about what the benefits and limitations of deposit insurance mean for you.

What is insured by the FDIC?

 All types of deposits held at People’s Bank are covered by FDIC insurance including:

  • Checking Accounts
  • NOW Accounts
  • Savings Accounts
  • Money Market Savings Accounts
  • Certificates of Deposit (CDs)
  • Outstanding Cashier's Checks, Money Orders, Loan Disbursement Checks, Interest Checks issued by People’s Bank 

What amount of insurance coverage do I have for my accounts?

Basic Insurance.  Basic FDIC insurance was increased on July 22, 2010  from $100,000 to $250,000 per depositor per insured financial institution.

Sweep Arrangements Under the Temporary FDIC Insurance Coverage for Transaction Accounts
Funds transferred from a fully guaranteed non-interest Business Checking Account to an interest bearing Business Money Market Account under a Sweep Arrangement have the basic FDIC deposit insurance and are not fully guaranteed.

Coverage Over Basic Insurance

The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. It is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. The ownership categories are (1) single, (2) joint, (3) revocable trust (informal revocable trusts such as Payable-on-death accounts and formal revocable trusts such as living/family trusts created for estate planning purposes), (4) irrevocable trusts, (5) certain retirement plans, (6) employee benefit plans, (7) business (corporation, partnership, unincorporated associations), and (8) government.

Where can I go if I still have questions?

You can call FDIC toll-free at 877.ASK.FDIC (877.275.3342) from 8:00 am until 8:00 pm (Eastern Time) or contact them online at For the hearing impaired, call 800.925.4618.

You can also call People’s Bank directly at 866.454.4735 during regular banking hours, or visit one of our branches.