top of page

Home  |  FDIC Information

Expanding FDIC Insurance Coverage

It is important to understand how bank deposits are insured. The Federal Deposit Insurance Corporation - FDIC - protects your money in deposit accounts. Since the FDIC was founded in 1933, no depositor has lost a penny of FDIC insured funds.

Rest assured, the accounts of Presidential Bank depositors are fully insured by the FDIC up to the maximum amount provided by law, which is currently $250,000 for each separately insurable depositor.

Maximize Your Coverage

Each member of a family may open a deposit account that will receive separate FDIC insurance coverage up to $250,000. Individuals who have their own account can also have a joint account with another family member or any other person, which would have its own separate FDIC insurance coverage up to $250,000.

Joint accounts are not limited to spouses. They can be held jointly with children, relatives or any other person. Remember, different accounts held by the same individual or the same joint owners are aggregated together for purposes of the $250,000 FDIC insurance coverage limit.

Coverage up to $5,000,000

To obtain more FDIC insurance coverage for customers, Presidential Bank participates in a network of banks to obtain full FDIC insurance coverage for deposits in amounts of up to $5 million, seamlessly, without extra cost for customers. Rates and other terms of these accounts are the same as the terms of the Presidential Money Market Advantage account, except for the procedures to obtain additional FDIC insurance.

Additional Information

Presidential is federally insured through the Federal Deposit Insurance Corporation - FDIC, an independent agency of the United States government. FDIC coverage applies to any person who has deposits at an FDIC insured bank. FDIC insurance covers up to $250,000 per depositor per ownership category. Ownership category refers to the type of account. The FDIC defines the ownership categories as:

  • Single accounts

  • Certain retirement accounts

  • Joint accounts

  • Revocable trust accounts

  • Irrevocable trust accounts

  • Employee benefit plans

  • Corporation / partnership / unincorporated association accounts

  • Government accounts


With deposit accounts held by more than one person, for example a joint account shared by spouses, each depositor is insured up to $250,000 for that ownership category.

Learn more about FDIC insurance and how it works.


If you have any additional questions, call the Customer Service Center 800 383 6266 or 240 333 9059, Monday Friday, 8am 10 pm Eastern Time.

Presidential Bank Branch
bottom of page