FDIC Insurance Coverage
FDIC Insures Your Deposits Up To $250,000
The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. For additional information regarding FDIC's deposit insurance coverage use the FDIC's Electronic Deposit Insurance Estimator (EDIE) and deposit insurance publications located on the FDIC's website "Are My Deposits Insured?" In addition, you can call the FDIC at 877-ASK-FDIC (877-275-3342).FDIC Insurance Estimator (EDIE)
BB&T offers an additional program known as the Certificate of Deposit Account Registry Service (CDARS), for clients with depository insurance needs that exceed the coverage provided by the FDIC. BB&T clients can leave deposits up to the FDIC insurance coverage limits on deposit with BB&T. Then, any deposit balances over the FDIC coverage limit can be enrolled in this program.
How CDARS Works:
- Enroll any BB&T CD balances that exceed the FDIC insurance coverage limits in the CDARS program.
- Select the rate and maturity dates that match the client's individual investment goals.
- BB&T will place any of the client's balances that exceed the FDIC insurance coverage limit for any one bank at other FDIC-insured banks up to the $250,000 coverage limit per institution.
- Clients can receive coverage on their CD deposit balances over the $250,000 FDIC insurance limit.
- BB&T continues to manage the client's deposit relationship. A client's large deposit is broken down into smaller amounts and placed with other banks that are members of a special network. Then, those member banks issue CDs in amounts under $250,000, so that the entire investment is eligible for FDIC insurance.
- Clients earn one rate on their entire CDARS investment. There is no need to worry about multiple rate negotiations or consolidating multiple disbursement checks.
- Clients receive an account notification listing all CDs1, along with the issuing banks, maturity dates, interest rates and other details.