Your Non-interest Bearing Checking Accounts at The Bank of Castile are Completely FDIC Insured


At Tompkins Bank of Castile we make it our business to understand what is best for our customers. That's why we signed on to provide our customers with unlimited Federal Deposit Insurance Corporation coverage for non-interest bearing checking accounts, and some interest-bearing checking accounts, regardless of the amount, through June 30, 2010.

In these challenging economic times, our customers' peace of mind is of the utmost importance. Accordingly, we elected to pay the additional premium to obtain this extended coverage. The unlimited coverage for non-interest bearing checking accounts is in addition to up to $250,000 coverage for interest-bearing accounts. So, a customer with $300,000 in non-interest bearing checking and $250,000 in savings and money market accounts has unlimited coverage for the checking account balance and is also covered for the savings and money market accounts (for the same depositor) for up to $250,000.

This unlimited coverage applies to all non-interest bearing checking accounts, plus it applies to IOLTA and NOW accounts with interest rates of .50 or less. It does not apply to NOW or Money Market accounts with interest rates higher than .50, nor is it applicable if customers' funds are swept from checking into interest-bearing accounts.

Effective Oct. 3, 2008, the FDIC changed the limits for deposit insurance coverage from $100,000 to $250,000 for each depositor, and on May 20, 2009, the FDIC extended its expanded coverage for interest-bearing accounts through the end of 2013. Additionally, coverage for Trust deposit accounts has also been increased to $250,000 per owner per beneficiary, subject to specific requirements.

On January 1, 2014, the standard insurance amount will revert back to the $100,000 per depositor for all account categories except for IRA’s and other certain retirement accounts, which will remain at $250,000 per depositor.

Your community bank has always been a safe and secure place to build your savings. If you have any questions about these developments, please contact your local branch. You can learn more by visiting: