FDIC Insurance Coverage Solutions

FDIC Insurance Coverage Solutions

TowneBank offers solutions enabling your funds to be eligible for multi-million-dollar FDIC insurance. Enjoy peace of mind and save time by managing your funds, here, in one place.

FDIC Coverage

FDIC deposit insurance protects the deposits of bank customers at financial institutions regulated by the Federal Deposit Insurance Corporation. Bank customers don’t need to purchase deposit insurance; it is automatic for any deposit account opened at an FDIC-insured bank. Deposits are insured up to at least $250,000 per depositor, per FDIC-insured bank, and per ownership category. TowneBank is a member of the FDIC.

Members of a household can deposit funds into different accounts, with each maintaining standard coverage of up to $250,000 in separate Ownership Categories. The FDIC has an example on its website of one household having multiple Ownership Categories totaling $3.5 million in coverage. 

Our experienced bankers are here to assist you in understanding this coverage.

More About FDIC Coverage

Our Partnership with IntraFi® 

Our affiliation with the IntraFi® network makes insurance of your multi-million-dollar deposits at TowneBank possible. Through the IntraFi® solutions we offer, your deposit is divided into amounts under the standard FDIC insurance maximum of $250,000 and then placed into deposit accounts at multiple FDIC-insured banks in the network. This option is available to businesses, nonprofits, and individuals.

Talk to your bankers about access to these options to maximize coverage through your TowneBank relationship.

IntraFi® Solutions*

IntraFi Cash ServiceSM (ICS)

Access millions of dollars in FDIC insurance while earning a competitive interest rate on your money market deposit accounts with funds available when needed. Non-interest-bearing demand deposit accounts are also available.

        More About ICS


Enjoy the safety and simplicity of access to multi-million-dollar FDIC insurance for certificates of deposit. Select from multiple term options to meet your liquidity needs. 

         More About CDARS

We can help you take advantage of the IntraFi® network of over 3,000 banks to enjoy FDIC insurance coverage of up to $150 million per tax identification number.

What Makes Us Different

We pride ourselves in being a community bank dedicated to serving
the friends, neighbors, and local businesses we work with daily. 

We have recorded consistent profitability since our inception in 1999
while maintaining great credit quality and capital ratios exceeding all
FDIC standards for well-capitalized banks. We are well positioned to
meet our members' credit needs and protect your deposits.

FDIC Resources

  • Visit the FDIC's Insured Deposits page to learn more about how you may be able to increase your insurance coverage well above the standard $250,000 coverage.  
  • For information about the different FDIC Ownership Categories, and the amount of coverage available to you or your beneficiaries, visit the FDIC’s 'What’s Covered' page.  
  • Local bankers in each of our offices can assist you in optimizing your FDIC insurance coverage.

FDIC Insurance FAQs

  • FDIC deposit insurance protects our TowneBank members. Because of this, our members don’t need to purchase deposit insurance as it is automatic for any deposit account opened at TowneBank. Deposits are insured up to at least $250,000 per depositor, per ownership category at TowneBank.
    • Single Accounts (owned by one person with no beneficiaries): $250,000 per owner
    • Joint Accounts (two or more persons with no beneficiaries): $250,000 per co-owner
    • Revocable trust accounts: Each owner is insured up to $250,000 for each unique eligible beneficiary named or identified in the revocable trust, subject to specific limitations and requirements.
  • No. FDIC deposit insurance only covers certain deposit products, such as checking and savings accounts, MMDAs, and certificates of deposit (CDs). Visit the "Are My Accounts Insured by the FDIC?" on the FDIC's website for a full list of the types of deposit products that are covered by FDIC insurance and the amount of deposit insurance coverage that may be available under FDIC's different ownership categories.
  • All deposits owned by a corporation, partnership, or unincorporated association at TowneBank are added together and insured up to $250,000, separately from the personal accounts of the owners or members.
  • You can get detailed information about your specific deposit insurance coverage by accessing the FDIC's Electronic Deposit Insurance Estimator (EDIE) and entering information about your accounts.

    You can also visit the FDIC Information and Support Center to submit a request for deposit insurance coverage information, or you can call the FDIC at 1-877-ASK-FDIC (1-877-275-3342) and an FDIC deposit insurance specialist will help you calculate your deposit insurance coverage.
  • Yes. The FDIC insures deposits according to the ownership category in which the funds are insured and how the accounts are titled. The standard deposit insurance coverage limit is $250,000 per depositor, per FDIC-insured bank, per ownership category.

    Deposits held in different ownership categories are separately insured, up to at least $250,000, even if held at the same bank. For example, a revocable trust account (including living trusts and informal revocable trusts commonly referred to as payable on death (POD) accounts) with one owner naming three unique beneficiaries can be insured up to $750,000. See "Revocable and Irrevocable Trust Accounts" on the FDIC's website for more information about how deposit insurance is calculated for these types of accounts.

*When deposited funds are exchanged on a dollar-for-dollar basis with other banks that use CDARS, our bank can use the full amount of a deposit placed through CDARS for local lending, satisfying some depositors’ local investment goals or mandates. Alternatively, with a depositor’s consent, our bank may choose to receive fee income instead of deposits from other banks. Under these circumstances, deposited funds would not be available for local lending.

Deposit placement through CDARS or ICS is subject to the terms, conditions, and disclosures in applicable agreements. Although deposits are placed in increments that do not exceed the FDIC standard maximum deposit insurance amount (“SMDIA”) at any one destination bank, a depositor’s balances at the institution that places deposits may exceed the SMDIA (e.g., before settlement for deposits or after settlement for withdrawals) or be uninsured (if the placing institution is not an insured bank). The depositor must make any necessary arrangements to protect such balances consistent with applicable law and must determine whether placement through CDARS or ICS satisfies any restrictions on its deposits. A list identifying IntraFi network banks appears at https://www.intrafi.com/network-banks. The depositor may exclude banks from eligibility to receive its funds. IntraFi and CDARS are registered service marks, and the IntraFi hexagon and IntraFi logo are service marks, of IntraFi Network LLC.

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