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) along with brochures and videos located on the FDIC’s website fdic.gov/deposit. 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. 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 in a special member network. Those member banks issue CDs in amounts under $250,000, so 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 a new account notice on all CDs,1 along with the issuing banks, maturity dates, interest rates and other details.
Through ICS®, the Insured Cash Sweep® service savings option, you can earn interest on funds placed in money market deposit accounts and enjoy up to six program withdrawals per month.2 You can rest assured knowing your ICS funds are eligible for multi-million-dollar FDIC insurance backed by the full-faith and credit of the United States government.How ICS Savings Option Works
BB&T’s automated ICS savings service conveniently connects to your BB&T checking account and, through threshold settings customized for you, allows funds over $250,000 to be placed in money market deposit accounts with other banks in the ICS Network in amounts below the standard FDIC insurance maximum ($250,000) at each bank. Based on your daily checking transactions, funds are automatically swept back as needed to pay transactions, up to six times per month.2 All remaining money stays safely invested in ICS. For the utmost in convenience, BB&T’s Online® banking reflects both your checking and ICS balances, so you see the total picture of your liquid funds available. You receive a regular monthly statement from us showing your ICS balances and other key information. You can check your ICS balances and track monthly program withdrawals online, 24/7, through a specially designed depositor control panel. Your confidential information remains protected.How ICS Demand Option Works
BB&T’s automated ICS demand service provides all of the convenience of ICS savings plus unlimited automatic sweep transfers between ICS and your BB&T checking account. Your funds above $250,000—or according to your needs—are placed into demand deposit accounts with other banks in the ICS Network. It’s the ultimate in protection and liquidity, all connected to your BB&T checking account.Primary Benefits of ICS
- ICS savings and ICS demand provide you the level of liquidity you need. Clients in ICS savings whose liquidity needs change may ask their relationship manager to place their funds in the ICS Demand program.
- FDIC insurance coverage from many institutions while working directly with BB&T, an institution you already know and trust. Your client privacy is always protected.
- Clients earn one rate on their ICS account.
- For clients with multiple banking partners, to ensure maximum FDIC protection, clients can easily specify which banks should not receive any of their placed deposits.
- ICS can eliminate ongoing tracking burdens, if you are accustomed to collateralization. It can also eliminate the need to footnote uninsured deposits in financial statements, if you have to produce statements and note that type of risk.