FDIC Cautions About Fraudulent Emails

The Federal Deposit Insurance Corporation announced that it has received numerous reports of fraudulent emails appearing to have been sent from the FDIC.

These emails are not from the FDIC, and they stressed that they do not issue unsolicited emails to consumers. Recipients of the emails are encouraged to simply delete them.

According to www.fdic.gov, the subject line of the email states: “Check your Bank Deposit Insurance Coverage,” and the body of the email goes on to state that the recipient has an account at a bank which has failed. They are then directed to a fraudulent link which the FDIC says is most likely an attempt to collect personal information which may be used to conduct identity theft.

Paragon President & CEO Robert Shaw said, “These fraudulent emails should not be viewed as an indication of what banks have failed. However, I can assure you that Paragon is not on any list of failed or failing banks. We continue to grow deposits and be well-capitalized.”

For more information about this and other consumer alerts, visit http://www.fdic.gov/consumers/consumer/alerts/index.html.

President Obama Signs Bill to Extend Increased FDIC Coverage Through 2013

As part of the Helping Families Save Their Homes Act, which President Barack Obama signed into Law on May 20, the FDIC’s temporary increase in coverage from $100,000 to $250,000 was extended through 2013.

The basic limit on federal deposit insurance coverage went from $100,000 to $250,000 per depositor as part of a provision made in October 2008, but the limit was planned to return to $100,000 on January 1, 2010. This law prolonged the amount of time given for the increased insurance.

The FDIC provides a free tool called the Electronic Deposit Insurance Estimator (EDIE) on its website. This easily navigated tool can be used to calculate your levels of coverage. Log on tohttp://www.fdic.gov/edie/ to get started.

For a quick look at your coverage, consult the chart below. Your relationship manager can also discuss your coverage levels with you and answer any questions, as well as help increase your coverage even further.

Basic FDIC Coverage Limits*

Single Accounts (owned by one person) – $250,000 per owner

Joint Accounts (two or more persons) – $250,000 per co-owner

IRAs and certain other retirement accounts – $250,000 per owner

Trust Accounts – $250,000 per owner per beneficiary subject to specific limitations and requirements

Corporation, Partnership and Unincorporated Association Accounts – $250,000 per corporation, partnership or unincorporated association

Employee Benefit Plan Accounts – $250,000 for the non-contingent, ascertainable interest of each participant

Government Accounts – $250,000 per official custodian

Non-interest Bearing Transaction Accounts – Unlimited coverage only at participating FDIC-insured banks and savings associations **

Source: www.fdic.gov

* On January 1, 2014, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.

** Unlimited deposit insurance coverage is available through December 31, 2013, for non-interest bearing transaction accounts at institutions participating in FDIC’s Temporary Liquidity Guarantee Program.

FDIC Temporarily Raises Deposit Insurance Coverage to $250,000

As part of the Emergency Economic Stabilization Act that President George W. Bush signed into law on October 3, 2008, the Federal Deposit Insurance Corporation (FDIC) has increased deposit insurance coverage effective now through December 2009.

The basic limit on federal deposit insurance coverage went from $100,000 to $250,000 per depositor as part of this provision. In addition, all non-interest bearing transaction accounts are temporarily covered without limit. The FDIC provides a free tool called the Electronic Deposit Insurance Estimator (EDIE) on its website. This easily navigated tool can be used to calculate your levels of coverage. Log on to www.fdic.gov/edie to get started.

For a quick look at your coverage, consult the chart below. Your relationship manager can also discuss your coverage levels with you and answer any questions, as well as help increase your coverage even further.

Basic FDIC Coverage Limits*

Single Accounts (owned by one person) – $250,000 per owner

Joint Accounts (two or more persons) – $250,000 per co-owner

IRAs and certain other retirement accounts – $250,000 per owner

Trust Accounts – $250,000 per owner per beneficiary subject to specific limitations and requirements

Corporation, Partnership and Unincorporated Association Accounts – $250,000 per corporation, partnership or unincorporated association

Employee Benefit Plan Accounts – $250,000 for the non-contingent, ascertainable interest of each participant

Government Accounts – $250,000 per official custodian

Non-interest Bearing Transaction Accounts – Unlimited coverage “only at participating FDIC-insured banks and savings associations **

Source: www.fdic.gov

* On January 1, 2010, the standard coverage limit will return to $100,000 for all deposit categories except IRAs and Certain Retirement Accounts, which will continue to be insured up to $250,000 per owner.

** Unlimited deposit insurance coverage is available through December 31, 2009, for non-interest bearing transaction accounts at institutions participating in FDIC’s Temporary Liquidity Guarantee Program.