Frequently Asked Questions
What is the FDIC?
The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the United States government. The FDIC protects depositors against the loss of their insured deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.
What does the FDIC insure?
The FDIC guarantees all traditional types of deposit accounts (checking, savings, money market savings and CDs) and bank individual retirement accounts (IRAs).
Investment products (mutual funds, annuities, life insurance policies, stocks and bonds) are not FDIC insured, may lose value, and are not bank guaranteed.
What is the insurance limit?
On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act was signed into law, which, in part, permanently raises the current standard maximum deposit insurance amount (SMDIA) to $250,000. The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.
Depositors may qualify for more coverage if they have funds in different account ownership categories and all FDIC requirements are met.
To learn more, contact the FDIC toll-free at (877) ASK-FDIC (877-275-3342) from 8:00 a.m. until 8:00 p.m. ET or visit the FDIC website.
Notice of Expiration of the Temporary Full FDIC Insurance Coverage for Noninterest-Bearing Transaction Accounts.
By operation of the federal law, beginning January 1, 2013, funds deposited in a non interest-bearing transaction account (including an Interest on Lawyer Trust Account) no longer will receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). Beginning January 1, 2013, all of a depositor's accounts at an insured depository institution, including all noninterest-bearing transaction accounts, will be insured by the FDIC up to the standard maximum deposit insurance amount ($250,000), for each deposit insurance ownership category.
For more information about FDIC insurance coverage of transaction accounts, visit the FDIC website.
Please contact the bank at (614) 310-7200 if you have questions.
Where can I get more information about FDIC insurance?
You may visit our office or contact us to obtain a copy of the "FDIC - Your Insured Deposits" brochure. You may also call the FDIC at (877) ASK-FDIC (877-275-3342) or by visiting the FDIC website.
Unlawful Internet Gambling Notice
The Unlawful Internet Gambling enforcement Act (UIGEA) of 2006 prohibits any person engaged in the business of betting or wagering, as defined in the Act, from knowingly accepting payments in connection with the participation of another person in unlawful Internet gambling. The Department of the Treasury and the Federal Reserve Board have issued a joint final rule, Regulation GG, to implement this Act.
As defined in Reg GG, unlawful Internet gambling means to place, receive or otherwise knowingly transmit a bet or wager by any means which involves the use, at least in part, of the Internet where such a bet or wager is unlawful under any applicable Federal or State law or tribal lands in which the bet or wager is initiated, received or otherwise made.
As a customer of Columbus First Bank, unlawful Internet gambling transactions are prohibited from being processed through your account or banking relationship. Columbus First Bank will not open accounts for customers engaged in any Internet gambling business, including legal Internet gambling businesses.
Contact Columbus First Bank at (614) 310-7200 for additional information regarding Reg GG.