FDIC

WHAT IS INSURED BY THE FDIC?

All types of deposits held by Valley National Bank are covered by FDIC insurance including:

Checking Accounts Individual Retirement Accounts
NOW Accounts Outstanding Cashier's Checks, Money Orders,
Savings Accounts   Loan Disbursement Checks, Interest Checks and
Money Market Savings Accounts   Drafts issued by Valley National Bank
Certificates of Deposit    

WHAT AMOUNT OF INSURANCE COVERAGE DO I HAVE FOR MY ACCOUNTS?

Basic Insurance:

Basic FDIC Insurance is $250,000 per depositor, per insured financial institution.

Coverage Over Basic Insurance:

The FDIC provides separate insurance coverage for deposit accounts held in different categories of ownership. It is possible to qualify for more than the current $250,000 in coverage at one insured bank if you own deposit accounts in different ownership categories. The ownership categories are (1) single; (2) joint; (3) revocable trust (informal revocable trusts such as "Payable-on-death" accounts and formal revocable trusts such as living/family trusts created for estate planning purposes); (4) irrevocable trusts; (5) certain retirement plans; (6) employee benefit plans; (7) business (corporation, partnership, unincorporated associations); and (8) government.

To calculate your FDIC insurance coverage, please visit http://www.fdic.gov/edie/

Temporary FDIC Insurance Coverage For Transaction Accounts:

NOTICE: By Federal Law, as of 1/1/2013, funds in a non-interest-bearing transaction account (including an IOLTA/IOLA) will no longer receive unlimited deposit insurance coverage but will be FDIC-insured to the legal maximum of $250,000, for each ownership category.

For additional assistance, the FDIC has posted frequently asked questions and answers regarding non-interest-bearing transaction account coverage at http://www.fdic.gov/deposit/deposits/unlimited/expiration.html

Coverage During a Merger:

If two federally insured banks merge causing your deposits to exceed the $250,000 limit at the combined institution, under the FDIC's rules you are in no immediate risk of having funds over the insurance limit. In general, the deposit accounts you had at the acquired institution will continue to be separately insured for six months following the merger and longer in the case of some Time Accounts (CDs). This six-month grace period allows you time to restructure your accounts so you can maximize your coverage at the new institution.

WHAT IS NOT INSURED BY THE FDIC?

Investment accounts offered by Valley's Wealth Management and Insurance Services Division do not qualify as deposits and are therefore not covered by FDIC insurance. Examples of non-deposit investment products that are not covered by FDIC deposit insurance include:

  • Investments in mutual funds
  • U.S. Treasury bills, notes, and bonds purchased through an insured institution
  • Annuities
  • Stocks, bonds, or other securities
  • Cash in trading accounts
  • Contents of a Safe Deposit Box (see below)

If you own Valley National Bancorp stock, please be advised that investment products are not protected or insured by the FDIC or any other federal government agency. Stocks may lose value and are not a deposit of, or guaranteed by, the Bank or any Bank subsidiary.

The contents of safe deposit boxes are not insured by the FDIC. If you are concerned about the safety or replacement of items you have put in a safe deposit box, you may wish to consider purchasing fire and theft insurance. Separate insurance for these perils may be available; consult your insurance agent. Usually such insurance is part of a homeowner's or tenant's insurance policy for a residence and its contents. Again, consult your insurance agent for more information. In the event of a bank failure, in most cases an acquiring institution would take over the failed bank's offices, including locations with safe deposit boxes. If no acquirer can be found, the FDIC would send boxholders instructions for removing the contents of their boxes.

WHERE CAN I GO IF I STILL HAVE QUESTIONS?

If you still have questions, please contact the FDIC toll-free at 1-877-ASK-FDIC (877-275-3342) from 8:00 am until 8:00 pm (Eastern Time) or contact them online at www.fdic.gov

FDIC RESOURCES

* The information and content provided here about FDIC insurance is for informational purposes only and is provided as a convenience to you. Valley National Bank makes no warranties or representations as to its accuracy and bears no liability for your use of this information. Valley National Bank does not endorse and is not responsible for the content, links, privacy policy, or security policy of any non-Bank website link included here. The information being made available to you here is not intended, and should not be construed as legal, tax, or investment advice, or a legal opinion. You should contact your legal, tax and/or financial advisors to help answer questions about your specific situation or needs prior to taking any action based upon this information.