| Provident Bank, as a member of the FDIC, wants you to know that your deposits are now protected at an even higher level. The safest place for your money is still in the bank. Provident is participating in two new programs initiated by the FDIC during these challenging economic times. The overall goal is to reinforce the fact that your deposits are safe, protected and insured whether you are a consumer or business owner - Emergency Economic Stabilization Act of 2008: The plan temporarily raises the basic FDIC deposit insurance coverage limits from $100,000 to $250,000 through December 31, 2009.
- Temporary Liquidity Guarantee Program: The plan that provides unlimited deposit insurance coverage for non-interest bearing transaction (checking) accounts through December 31, 2009.
FDIC Coverage Level Increases On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, which temporarily raises the basic FDIC deposit insurance coverage limits from $100,000 to $250,000 through December 31, 2009. New Basic Deposit Insurance Coverage Limits* The FDIC provides insurance coverage for deposits held in different ownership categories at the same FDIC-insured bank.On October 3, 2008, President George W. Bush signed the Emergency Economic Stabilization Act of 2008, temporarily raising the basic FDIC deposit insurance coverage limits from $100,000 to $250,000 through December 31, 2009. Customers should understand their deposit insurance coverage limits to ensure that their funds are fully insured. The basic limits* are below: | Single Accounts (owned by one person) | $250,000 per owner** | | Joint Accounts (two or more persons) | $250,000 per owner** | | IRAs and certain other retirement accounts | $250,000 per owner | | Trust Accounts | $250,000 per owner per beneficiary subject to specific limitations and requirements** | | * These deposit insurance coverage limits refer to the total of all deposits that an accountholder (or accountholders) 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. ** The legislation authorizing the increase in deposit insurance coverage limits makes the change effective October 3, 2008 through December 31, 2009. Visit the FDIC Web site for more information. |
Questions? Provident has answers so that you're fully informed on the security of your deposits. Provident Bank is participating in another initiative announced by the FDIC to ensure even greater protection for consumer and business customers. On October 14th, 2008, the FDIC announced the Temporary Liquidity Guarantee Program. The plan provides unlimited insurance coverage for non-interest bearing deposit transaction (checking) accounts. The program is voluntary for banks but Provident decided to participate in the plan as an even higher level of protection for its customers. This means that Provident (through the FDIC) can now provide full deposit insurance coverage for non-interest bearing deposit transaction (checking) accounts, regardless of the dollar amount. The new, temporary guarantee—which runs until December 2009—is another example of how Provident is working to ensure that customer deposits are safe, secure and protected. Questions about the Temporary Liquidity Guarantee Program? Provident has answers to your most commonly asked questions. For more information on the Temporary Liquidity Guarantee Program, visit the FDIC website.
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