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You're protected with FDIC insurance at EverBank

At FDIC insured banks, like EverBank®, the Federal Deposit Insurance Corporation (FDIC) provides coverage for your deposit accounts up to certain limits according to the ownership category of the deposit account. We've put together this helpful FDIC insurance guide to inform you about FDIC rules and how you can maximize your coverage.

   

FDIC coverage

Accounts protected by FDIC insurance
(up to the coverage limit)

Checking Accounts, Money Market Deposit Accounts, Certificates of Deposit and Savings Accounts

Accounts not protected by FDIC insurance
(even if purchased through an FDIC insured institution)

Stocks, Bonds, Mutual Funds, Insurance Products, Annuities, U.S. Treasury Securities, Safe Deposit Boxes and Commodities Accounts (Including Metals1)

Increase your FDIC insurance coverage

While FDIC insurance is limited to the basic coverage per depositor per insured bank, money held in different account ownership categories of legal ownership at the same bank can be separately insured. Using different ownership categories can help increase your FDIC insurance coverage.

Utilize any combination of these ownership categories to increase your FDIC protection:

FDIC calculates coverage by ownership category. Each depositor will receive up to $250,000 in coverage for accounts in the "single ownership" category. These accounts generally identify a single owner in their title. Additionally, deposit accounts held in the name of an unincorporated business will be considered as a single account of the business owner. To determine the total FDIC coverage for all single accounts owned by one individual at the same insured institution the balances in all single accounts owned by that individual are added together. This combined total is insured by the FDIC for a total of $250,000 (through December 31, 2009).

Each depositor may also receive FDIC insurance coverage of up to $250,000 for funds held in the "joint ownership" category. This category would include any account owned by more than one person. To determine the total FDIC coverage for funds held in joint accounts each co-owner's share in any joint account at the same insured institution are added together. This combined total is insured by the FDIC for a total of $250,000 per account owner (through December 31, 2009).

FDIC insurance coverage is available for many self-directed retirement accounts at insured banks separate and apart from other types of accounts at the same bank. This includes all types of IRAs including traditional IRAs, ROTH IRAs, Simplified Employee Pension (SEP) IRAs, and Savings Incentive Match Plans for Employees (SIMPLE) IRAs as well as Keogh plan accounts. FDIC insurance will cover the retirement accounts owned by one individual at the same insured institution for a combined total of up to $250,000.

FDIC treats accounts held as "revocable trusts" as a separate ownership category. In this ownership category, you'll find informal trusts—like accounts titled as "payable on death" (POD), "Totten trust" or "in trust for" (ITF)—and formal trusts—like the living trust or family trust that may be a part of your estate plan. For these revocable, testamentary trusts, the FDIC will calculate insurance coverage based on the number of beneficiaries the account owner has named.

Thanks to recent updates to FDIC insurance coverage rules, virtually any person and many charitable organizations can qualify as a beneficiary.

Revocable trust accounts with no more than 5 beneficiaries will be covered by FDIC insurance up to $250,000 (through December 31, 2009), for each distinct beneficiary. Consult the FDIC website or call center for an explanation of FDIC insurance for revocable trust accounts with more than 5 beneficiaries.

While the FDIC does not limit the number of accounts with named beneficiaries or the number of beneficiaries for each account, some banks might have their own limitations. For example, EverBank limits the number of beneficiaries on POD accounts to four.

The FDIC also recognizes irrevocable trust, employee benefit plan, corporation/partnership/unincorporated association and government accounts.

In addition to ownership categories, the Certificate of Deposit Account Registry Service (CDARS®)2 can be used to provide FDIC insurance coverage for CD deposits up to $50,000,000.

See how to maximize your protection with these hypothetical scenarios

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How to maximize FDIC insurance coverage

Increasing your FDIC coverage at EverBank is as simple as opening accounts in multiple ownership categories. Take a look at these hypothetical scenarios. You'll see how different ownership categories can be used to maximize FDIC insurance coverage.

Scenario 1: FDIC Insurance Coverage for $500,0003

Ben, a single man, has $500,000 in deposits at EverBank. He has chosen to spread his money across 2 ownership categories to ensure maximum coverage.

FDIC Scenario 1

1 Ben's FreeNet® Checking Account $50,000
2 Ben's Yield Pledge Money Market Account $100,000
3 Ben's Yield Pledge CD $100,000
4 Ben's Yield Pledge Money Market Account
Payable on Death (POD) to his fiancee		 $250,000

Total FDIC insurance coverage: $500,000

Scenario 2: FDIC Insurance Coverage for $1,500,0003

Dan and Liz, a married couple, have $500,000 in deposits at EverBank. Dan's owns an unincorporated import business where he uses an EverBank Business Checking Account with a balance of $50,000. Dan also keeps $750,000 in a WorldCurrency® Access Deposit Account4 for transactions in a foreign currency. Additionally, he owns a WorldCurrency CD4 with $200,000. Dan enjoys the fact that these foreign currency deposit accounts are FDIC insured for bank insolvency. He's also aware FDIC insurance does not protect them from a potential loss of deposit if his selected currency depreciates against the U.S. dollar.

FDIC Scenario 2

1 Dan's Business Checking Account $50,000
2 Dan's WorldCurrency CD $200,000
3 Dan & Liz's FreeNet Checking Account $50,000
4 Dan & Liz's Yield Pledge Money Market Account $450,000
5 Dan's WorldCurrency Access Deposit Account
POD to Liz, his brother and niece		 $750,000

Total FDIC insurance coverage: $1,500,000

Scenario 3: FDIC Insurance Coverage for $1,750,0003

Bob and Ann, married with 1 child, have $1,750,000 in deposits at EverBank. Additionally, Ann owns a sole proprietor business. They've chosen to spread their money across 4 ownership categories to ensure maximum coverage.

FDIC Scenario 3

1 Bob's FreeNet Checking Account $50,000
2 Bob's Yield Pledge CD $200,000
3 Ann's Business Interest Checking Account $50,000
4 Ann's Yield Pledge CD $200,000
5 Bob & Ann's Yield Pledge Money Market Account $250,000
6 Bob & Ann's Yield Pledge CD $250,000
7 Ann's Yield Pledge CD - IRA Account $250,000
8 Bob's Yield Pledge CD
POD to Ann and his child		 $500,000

Total FDIC insurance coverage: $1,750,000

Scenario 4: FDIC Insurance Coverage for $5,000,0003

Stan and Sue, retirees, accumulated $5,000,000. Concerned about maximizing protection while also preserving liquidity, they decided to place $4,500,000 into an EverBank Insured AdvantageSM CD2 (CDARS CD), which provides FDIC insurance coverage for deposits up to $50,000,000. Stan and Sue chose to keep their remaining $500,000 in joint accounts to ensure liquidity and maximum coverage.

FDIC Scenario 4

1 Stan & Sue's FreeNet Checking Account $50,000
2 Stan & Sue's Yield Pledge Money Market Account $200,000
3 Stan & Sue's Yield Pledge CD $250,000
4 Insured Advantage CD (CDARS) $4,500,000

Total FDIC insurance coverage: $5,000,000
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  1. EverBank Metals Select products are not deposits of EverBank, are not insured by the FDIC or any other government agency and the value of the holdings are not guaranteed and are subject to significant risk, including the possible loss of principal due to market price movement. Investing in metals involves degrees of risk that make them unsuitable for certain individuals. You should carefully consider the suitability of such metals before making any decision.
  2. Insured Advantage Certificates of Deposit are offered in conjunction with the Certificates of Deposit Account Registry Service (CDARS) and allow FDIC insurance on certificates of deposit up to $50 million. Subject to availability based on CD term and participation limits. Placement is based on date and time of application approval and funding. Deposits above single institution FDIC insurance limits will not benefit from higher insurance protection until the Insured Advantage account is Placed. Accounts are Placed each week on Thursday or the next business day thereafter. Early withdrawal penalties apply. A minimum deposit of $10,000 is required to open the account. CDARS and Certificate of Deposit Account Registry Service are registered service marks of Promontory Interfinancial Network, LLC.
  3. Examples valid until December 31, 2009.
  4. Your EverBank deposit accounts are insured by the FDIC for up to $250,000 (through December 31, 2009). FDIC insurance covers against loss due to the failure of the institution, but not market related fluctuations, including changes in currency prices. The amount of deposit insurance available for funds denominated in foreign currency will be determined and paid in the United States dollar equivalent of the foreign currency on the institution's date of default. As with all investments, investors can lose money, including principal due to currency fluctuations, over the term that you own it. Please only invest with money that you can afford to risk, and as part of a broadly diversified investment strategy.
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  2. EverBank, the EverBank Infinity Sphere, the EverBank logo, along with FreeNet, Yield Pledge, WorldCurrency and Insured Advantage are proprietary service marks of EverBank. All rights reserved.
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