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Morrill & Janes Bank

New Deposit Insurance Limits Available 

Your Morrill & Janes Bank deposits are now insured up to a minimum of $250,000 per depositor.

Contact us at any of our locations with any questions about how you can increase your household's FDIC insurance coverage beyond $250,000.

Following is a copy of the FDIC's deposit insurance coverage summary statement. 

FDIC Deposit Insurance Coverage
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects the funds depositors place in banks or savings associations. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1933, no depositor has ever lost a single penny of FDIC-insured funds. FDIC insurance covers all deposit accounts, including checking and savings accounts, money market deposit accounts and certificates of deposit (CDs). FDIC insurance does not, however, cover other financial products and services that banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or municipal securities. There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.

The standard insurance amount is $250,000 per depositor, per insured bank, for each account ownership category.

The FDIC provides separate coverage for deposits held in different account ownership categories. Depositors may qualify for more coverage if they have funds in different ownership categories and all FDIC requirements are met. (For details on the requirements, go to www.fdic.gov/deposit/deposits.)

The following charts shows standard insurance amounts for FDIC account ownership categories. All deposits that an accountholder has in the same ownership category at the same bank are added together and insured up to the standard insurance amount.

Basic FDIC Deposit Insurance Coverage Limits

  • Single Accounts (owned by one person) - $250,000 per owner
  • Joint Accounts (two or more persons) - $250,000 per co-owner
  • IRAs and certain other retirement accounts - $250,000 per owner
  • Trust Accounts - $250,000 per owner per beneficiary up to 5 beneficiaries (more coverage available with 6 or more beneficiaries subject to specific limitations and requirements)
  • Corporation, Partnership and Unincorporated Association Accounts - $250,000 per corporation, partnership or unincorporated association
  • Employee Benefit Plan Accounts - $250,000 for the non-contingent, ascertainable interest of each participant
  • Government Accounts $250,000 - per official custodian

If you have questions about FDIC coverage limits and requirements, please visit www.FDIC.gov/deposit/deposits, call toll-free 1-877-ASK-FDIC, or at any branch location. 

More FDIC insurance coverage information available from the FDIC at:
    http://www.fdic.gov/deposit/deposits/index.html
    http://www.fdic.gov/quicklinks/consumers.html

Still have questions? We can help. 
Call us at (888) 743-2265; or stop by any of our branch locations in Atchison, Hiawatha, Lancaster, Lee's Summit, Lenexa, Merriam, North Kansas City, Onaga, Sabetha or Troy.

Last Updated 02.06.2013