The Federal Deposit Insurance Corporation, or FDIC, is an independent agency of the United States government that was established by Congress with a mission to insure bank deposits. As a member of the FDIC, Eastern Bank protects its consumer and business deposits against loss as described below.
The FDIC is backed by the full faith and credit of the U.S. Treasury, and deposits are also protected by the financial strength and stability of Eastern Bank, which has been serving the needs of individuals and businesses since 1818.
STANDARD FDIC INSURANCE
Standard FDIC deposit insurance has been permanently increased from $100,000 to $250,000.
EXPIRATION OF TEMPORARY UNLIMITED FDIC INSURANCE COVERAGE FOR TRANSACTION ACCOUNTS
Effective January 1, 2013, funds in a noninterest-bearing transaction account including Interest on Lawyer Trust Accounts (IOLTAs) will no longer receive unlimited deposit insurance coverage by the Federal Deposit Insurance Corporation (FDIC). All depositor 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 of $250,000 for each deposit insurance ownership category.