The FDIC is an independent government agency that oversees financial institutions, ensures their reliability and sets consumer protection laws. Peoples Bank is a member of the FDIC, meaning our customers receive deposit insurance protections for their checking, savings, money market accounts, Certificates of Deposit, cashier’s checks and money orders.

It is important to note the FDIC does not insure annuities, stocks, bonds, mutual funds investments, losses from investments (even if purchased from an insured bank), life insurance policies, safe deposit box contents housed at a bank or mutual securities.

How does FDIC insurance work?

The FDIC insurance limit is $250,000 per depositor, per insured bank, for each ownership category. You automatically receive protection by having an account at an FDIC-insured bank.

The government sets the FDIC insurance limit. However, there are ways to maximize your coverage, totaling more than $250,000 in FDIC insurance.

How to maximize your coverage

One way to maximize your coverage is to open accounts in different ownership categories. Examples of categories include single, joint, retirement account, trust, business, employee benefit plan and government.

For instance, you may have a Certificate of Deposit for $250,000 in your name. This is a single ownership category since the deposit is solely in your name, and you are insured for the full $250,000. Your partner also has a savings account in their name (single ownership) and receives the same protection separately. Each of you has $250,000 insured for a total of $500,000.

Together, you and your partner decide to open a joint checking account at the same bank. This is a joint category, where both you and your partner are covered up to $250,000 each for that account.

That’s a total of $1 million, and all of your money is protected because it is spread across multiple categories.

122 Years and Counting

Since we first opened our doors in 1902, Peoples Bank has provided reliable financial services to residents and small businesses in Ohio. We have since expanded into West Virginia, Kentucky, Virginia, Maryland and Washington, D.C. With deep roots in our communities, we dedicate ourselves to not only serving our clients but reinvesting in the places we work and live.

Our vision is to be the Best Community Bank in America. Contact us for your personal or business needs today.

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