Important Information about Deposit Insurance Coverage
The name change from People’s Intermountain Bank to Altabank did not affect the FDIC insurance provided for our depositors. Prior to the name change, deposits in any of our divisions were not separately FDIC insured, meaning that if you had deposits at Bank of American Fork, Lewiston State Bank, and People’s Town & Country Bank, those deposits were aggregated together for purposes of determining the amount of FDIC insurance they were eligible for. That is still the case. FDIC insurance coverage for deposit accounts (checking, savings, money market, and certificates of deposit) is $250,000 per depositor per ownership category.
You may qualify for more than $250,000 in coverage at Altabank if you own deposit accounts in different ownership categories. The most common ownership categories for individual and family deposits are single accounts, joint accounts, revocable trust accounts, and certain retirement accounts. Additionally, we offer Insured Cash Sweep and Certificate of Deposit Account Registry Services, which provide extra FDIC insurance. We will be happy to discuss ways to maximize your FDIC insurance coverage. Please contact us to discuss your options.
For information on insurance coverage limits on your accounts at Altabank and how to qualify for more insurance coverage, visit the FDIC’s website, https://fdic.gov/deposit.
The FDIC also has an easy-to-use online tool called EDIE (Electronic Deposit Insurance Estimator). To access EDIE, go to https://www.fdic.gov/edie/calculator.html.