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InsurBanc Notes FDIC Boosts Deposit Coverage

Source: InsurBanc

Posted on 30 Jul 2010

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InsurBanc, the bank founded by insurance agents for insurance agents, noted that the FDIC (Federal Deposit Insurance Corp.) has permanently raised the current standard maximum deposit insurance amount to $250,000.

InsurBanc’s Web site summarizes federal deposit insurance and current issues that affect an insurance agency’s business and personal accounts on its Web site at .InsurBanc’s site reflects the most recent changes in limits of Federal Deposit Insurance Corp. coverage.

In September 2008, limits on standard insurance were increased from $100,000 to $250,000, and those higher limits were made permanent July 21, 2010. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

The InsurBanc website includes important updates to insurance coverage, answers to frequently asked questions, and links to key FDIC information.

About InsurBanc:

InsurBanc is headquartered in Farmington, Conn., and is a member of the Federal Deposit Insurance Corporation (FDIC). The bank, which operates in all 50 states, was jointly developed by the 300,000-member Independent Insurance Agents & Brokers of America (IIABA), Alexandria, Va., and the W. R. Berkley Corporation, Greenwich, Conn., an insurance holding company. InsurBanc offers a complete line of business products and services tailored to the independent insurance agent, including acquisition and perpetuation financing, cash management and remote deposit. InsurBanc also offers a full range of consumer banking products, such as free checking, certificates of deposit, home equity lines of credit and residential mortgages.