Federal Deposit Insurance Corporation (FDIC) Insurance Coverage
Comerica Bank is a Member FDIC. As such, the FDIC insures all deposits at Comerica Bank.
Depositor Types: FDIC coverage is available to all depositors, including consumers, businesses, and government entities.
Deposit Types: FDIC insurance covers all types of deposits received at an insured bank, including deposits in a checking account, Negotiable Order of Withdrawal (NOW) account (a/k/a interest-bearing checking account), savings account, Money Market Investment Account (MMIA) or time deposit such as a certificate of deposit (CD).
Cashiers' checks, officers' checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on Comerica Bank are also considered deposits, and are covered by FDIC. Collectively, these types of instruments are referred to as "official checks."
Standard Coverage Limit: The standard FDIC insurance coverage amount is $250,000 per depositor, per insured bank, for each ownership category.
The current basic FDIC ownership categories and their aggregate coverage limits are as follows1:
- 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
The Dodd-Frank Wall Street Reform and Consumer Protection Act: As a result of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010, FDIC current standard maximum deposit insurance amount (SMDIA) limits were permanently increased from $100,000 to $250,000 per depositor.
Important Information About Deposit Insurance Coverage
Sterling Bank, Bank of the Hills and Comerica Bank are the same FDIC-insured institution. Deposits held under Comerica Bank or the trade names Sterling Bank or Bank of the Hills are not separately insured but are combined to determine whether a depositor has exceeded basic federal deposit insurance limits.
Additional Resources: For specific information regarding FDIC ownership categories, or to compute your actual insurance coverage amount, you can also utilize these FDIC resources:
- FDIC Insurance Ownership Categories: http://www.fdic.gov/deposit/deposits/insured/ownership.html
- FDIC's Electronic Deposit Insurance Estimator (EDIE): https://www.fdic.gov/edie/index.html
- Call the FDIC Toll-Free at: 877.ASK.FDIC (877.275.3342)
1 The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category. The listing above shows only the most common ownership categories that apply to individual and family deposits, and assumes that all FDIC requirements are met.