 |
 |
|
|
FDIC INFORMATION
NOVA Bank is an FDIC Insured Bank. To be eligible as an FDIC insured bank, a financial institution must meet high standards for financial
strength and stability. Furthermore, FDIC insured institutions are regularly audited to ensure that they continue to meet the requirements of the FDIC.
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that protects against the loss of insured
deposits if an FDIC-insured bank or savings association fails. FDIC deposit insurance is backed by the full faith and credit of the United States
government. Since the FDIC was established, no depositor has ever lost a single penny of FDIC-insured funds.
There is no need for depositors to apply for FDIC insurance or even to request it. Coverage is automatic.
To ensure funds are fully protected, depositors should understand their deposit insurance coverage limits. The FDIC provides separate insurance coverage for
deposits held in different ownership categories such as single accounts, joint accounts, Individual Retirement Accounts (IRAs) and trust accounts. Deposits
accounts owned by corporations, partnerships, unincorporated associations, employee benefit plans and government entities also are covered by FDIC insurance.
On July 21, 2010, FDIC deposit insurance permanently increased to $250,000 per depositor.
Deposits with NOVA Bank are insured up to $250,000 for basic accounts (such as savings, checking, money market, and CDs) and up to $250,000 for retirement
accounts. The deposit insurance coverage refers to the total of all deposits that accountholder(s) have at each FDIC-insured bank. FDIC insurance does not
cover other financial products and services that insured banks may offer, such as stocks, bonds, mutual fund shares, life insurance policies, annuities or
municipal securities.
Notice of Transaction Account Guarantee Program (through 12/31/2010)
NOVA Bank is a participant in the FDIC's Transaction Account Guarantee Program. Under this program, through December 31, 2010, all non-interest bearing
transaction deposit accounts are fully guaranteed by the FDIC for the entire amount in the deposit account. Coverage under the Transaction Account
Guarantee Program is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Notice to Customers with Transfer or Sweep Arrangements
This is to advise you that NOVA Bank participates in the FDIC's Transaction Account Guarantee Program. Under that program, your noninterest-bearing
transaction accounts with us have unlimited FDIC deposit insurance. This insurance is in addition to the FDIC's normal deposit insurance coverage of
$250,000. However, if you have noninterest-bearing transaction accounts with a transfer or sweep arrangement to an interest-bearing transaction account
or product, that transfer could decrease your FDIC deposit insurance coverage.
Notice of Changes in Temporary FDIC Insurance Coverage for Transaction Accounts (effective 12/31/2010 through 12/31/2012)
All funds in a "noninterest-bearing transaction account" are insured in full by the Federal Deposit Insurance Corporation
from December 31, 2010, through December 31, 2012. This temporary unlimited coverage is in addition to, and separate from,
the coverage of at least $250,000 available to depositors under the FDIC's general deposit insurance rules.
The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on
which the insured depository institution pays no interest. It also includes Interest on Lawyers Trust Accounts ("IOLTAs").
It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts
and money-market deposit accounts.
For more information about temporary FDIC insurance coverage of transaction accounts, visit www.fdic.gov.
If you have questions about FDIC coverage limits and requirements, please visit www.myFDICinsurance.gov,
call toll-free 1-877-ASK-FDIC, or ask a representative at NOVA bank.
|
|
|
|
|
|
|
