Orlando Harmon
Bank of the West is a FDIC-insured bank, backed by the full faith and credit of the US government. FDIC insurance covers all types of deposits in all member banks in the US. The FDIC is an independent federal agency that was created in 1933 to protect bank depositors and maintain sound conditions in the US banking system. The FDIC insures deposits at BMO Harris Bank N.A., which Bank of the West is joining. Some retirement accounts, such as IRAs, are insured up to $250,000 per depositor, per insured bank.
| Characteristics | Values |
|---|---|
| Is Bank of the West Federally Insured? | Yes, Bank of the West is federally insured by the Federal Deposit Insurance Corporation (FDIC) |
| FDIC Insurance Coverage | Covers all types of deposits up to $250,000 per depositor, per insured bank. |
| Retirement Accounts Insurance Coverage | Insured up to $250,000 per depositor, per insured bank. |
| BMO Harris Bank N.A. | Bank of the West is joining the BMO family. |
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What You'll Learn
- Bank of the West is FDIC-insured
- The Federal Deposit Insurance Corporation insures deposits in all member banks
- FDIC insurance covers all types of deposits
- FDIC insurance covers retirement accounts such as IRAs up to $250,000 per depositor
- IntraFi Network Deposits CD and DDA/MMDA accounts offer expanded insurance protection
Bank of the West is FDIC-insured
As a member of the FDIC, BMO Harris Bank N.A. provides insurance through FDIC programs that benefit customers. FDIC insurance covers all types of deposits in member banks in the United States. Some retirement accounts, such as IRAs, are insured up to $250,000 per depositor, per insured bank. For example, if a customer has an IRA or Roth IRA of $250,000, a single ownership certificate of deposit account with $250,000, and a two-person joint money market deposit account with $500,000, each of those would be insured. In this scenario, the customer could have up to $750,000 in interest-bearing deposits covered by FDIC insurance at BMO Harris Bank N.A.
The FDIC provides an electronic calculator, EDIE, to help depositors determine the insurance coverage of all types of deposit accounts offered by an FDIC-insured bank. This tool can help customers understand their FDIC insurance coverage and determine whether they need to change the ownership of an account.
Bank of the West is joining the BMO family, and as such, deposits at Bank of the West will be insured at BMO Harris Bank N.A. This means that customers of Bank of the West can rest assured that their deposits are protected and insured.
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The Federal Deposit Insurance Corporation insures deposits in all member banks
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government that was established by the Banking Act of 1933. The FDIC is tasked with maintaining stability and public confidence in the nation's financial system. It does this by insuring deposits in member banks and savings banks, as well as examining and supervising financial institutions for safety, soundness, and consumer protection.
The FDIC provides deposit insurance to depositors in American commercial banks and savings banks. This insurance is backed by the full faith and credit of the United States government, and since its inception in 1933, no depositor has ever lost money in an FDIC-insured bank. The FDIC charges member banks insurance dues, which are the primary source of funding for the corporation. The FDIC also has the authority to borrow from the federal government or issue debt through the Federal Financing Bank if needed.
The FDIC insures deposits in member banks up to a certain limit, which has increased over time to accommodate inflation. As of 2024, the standard insurance amount is USD 250,000 per depositor, per FDIC-insured bank, per ownership category. This limit applies to both personal and business accounts. Deposit insurance is automatic for any deposit account opened at an FDIC-insured bank, and depositors do not need to apply or purchase additional insurance.
Bank of the West is an FDIC-insured bank, as indicated by the presence of the FDIC logo on its website and marketing materials. This means that deposits made at Bank of the West are covered by the standard FDIC insurance amount of $250,000 per customer. If a depositor's funds exceed this amount, they can utilize additional services offered by the bank to access more insurance protection, such as IntraFi® Network Deposits CD accounts and DDA/MMDA accounts.
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FDIC insurance covers all types of deposits
Bank of the West is a federally insured bank. The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US government that protects and reimburses your deposits up to the legal limit of $250,000 per depositor, per institution, and per ownership category if your FDIC-insured bank fails. FDIC insurance covers deposit accounts, such as checking and savings accounts, money market deposit accounts, and certificates of deposit. Investment options, such as stocks, bonds, and mutual funds, are not insured by the FDIC.
The FDIC provides a tool called the Electronic Deposit Insurance Estimator (EDIE) to help you calculate how much of your bank deposits are covered by FDIC insurance and whether any of your funds exceed the coverage limits. To use EDIE, you input your account details, and the tool will show your specific deposit insurance coverage. The FDIC also offers two services to provide added FDIC insurance coverage: IntraFi® Network Deposits CD accounts and DDA/MMDA accounts. By using these services, your deposit is split into increments of less than $250,000 and placed across a network of well-capitalized banks, keeping your entire deposit fully protected while allowing you to work with just one bank.
It is important to note that FDIC insurance does not cover all types of accounts. Investment accounts, such as stocks, bonds, and mutual funds, are not insured by the FDIC. Additionally, safe deposit box contents, municipal securities, and US Treasury bills, bonds, and notes are also not covered by FDIC insurance, although they are backed by the full faith and credit of the federal government.
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FDIC insurance covers retirement accounts such as IRAs up to $250,000 per depositor
Bank of the West is a member of the Federal Deposit Insurance Corporation (FDIC) and is backed by the full faith and credit of the United States government. FDIC insurance covers all types of deposits in member banks across the United States. FDIC insurance covers retirement accounts such as IRAs up to $250,000 per depositor, per insured bank. This means that if you have an IRA worth $250,000, that amount is fully insured. Additionally, if you have multiple accounts, such as a certificate of deposit account and a joint money market deposit account, each of those accounts is also insured up to $250,000. For example, if you have a two-person joint money market deposit account with $500,000, each person's share of $250,000 is insured. In total, you could have up to $750,000 in interest-bearing deposits covered by FDIC insurance at Bank of the West.
It is important to understand the ownership of your accounts, as it may have legal consequences. You may wish to consult with your attorney, tax advisor, or the FDIC to determine if you should change the ownership of your accounts. The FDIC provides tools and resources to help depositors understand their insurance coverage. For example, they offer an electronic calculator (EDIE) to help determine the insurance coverage for all types of deposit accounts offered by an FDIC-insured bank.
If your deposits exceed $250,000, there are options to increase your FDIC insurance coverage. Bank of the West offers services such as IntraFi® Network Deposits CD accounts and DDA/MMDA accounts. With these services, your deposit is split into increments of less than $250,000 and placed across a network of well-capitalized banks. By utilising these services, your entire deposit remains fully protected, even if it exceeds the standard FDIC insurance amount.
It is important to note that the FDIC insurance coverage limit of $250,000 is the standard insurance amount per customer. This means that if you have multiple accounts at the same insured bank, the coverage limit applies to the total of all your accounts combined. Therefore, if you have a balance of more than $250,000 across your accounts, only the first $250,000 is insured by the FDIC. To ensure your funds are fully protected, you may need to consider utilising the services mentioned above or distributing your funds across multiple FDIC-insured banks.
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IntraFi Network Deposits CD and DDA/MMDA accounts offer expanded insurance protection
Bank of the West is FDIC-insured, which means that it is backed by the full faith and credit of the US government. The Federal Deposit Insurance Corporation (FDIC) was created in 1933 as a response to bank runs during the Great Depression. It provides deposit insurance, which guarantees the safety of deposits in member banks. This insurance protection is typically limited to $250,000 per customer.
If your deposits exceed this amount, you may require additional insurance coverage. This is where IntraFi Network Deposits come in. IntraFi is not an FDIC-insured bank itself, but it provides access to FDIC insurance across its network banks. IntraFi Network Deposits CD (certificate of deposit) accounts and DDA/MMDA (demand deposit account/money market deposit account) accounts offer expanded insurance protection for deposits over $250,000.
When you use IntraFi Network Deposits, your deposit is split into increments below $250,000 and placed across a network of well-capitalized banks. This way, your entire deposit remains fully protected, while you continue to work with just one bank. With CD accounts, you can access insurance on deposits up to $50 million, with maturities ranging from 4 weeks to 2 years. DDA/MMDA accounts allow you to deposit up to $100 million or $135 million, depending on the bank, and offer expanded insurance protection while still providing flexibility in accessing your funds.
To utilize IntraFi Network Deposits, depositors must enter into a Deposit Placement Agreement with their chosen bank, which contains important terms and conditions regarding the placement of funds. It's important to note that IntraFi Network Deposits are subject to certain terms, conditions, and disclosures, as well as customer eligibility criteria. Additionally, program withdrawals from MMDAs may be limited to a certain number per month.
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Frequently asked questions
Yes, Bank of the West is insured by the Federal Deposit Insurance Corporation (FDIC). The FDIC is an independent federal agency backed by the full faith and credit of the United States government.
FDIC insurance covers deposits in all member banks in the United States, including Bank of the West. The standard insurance amount is $250,000 per customer. Retirement accounts such as IRAs are also insured up to $250,000 per depositor, per insured bank.
If your deposits exceed the standard insurance limit, Bank of the West offers services such as IntraFi® Network Deposits CD accounts and DDA/MMDA accounts to provide additional coverage. By splitting your deposits into smaller increments and placing them across a network of banks, your entire deposit can remain fully protected.
