FDIC Coverage
There are multiple ways to ensure your Physician Bank deposits over $250,000 are FDIC insured. We can help you select the option that fits best with you and your family.
Note: All information in this section are taken directly from the FDIC 
1. FDIC Coverage Based on Account Ownership Categories
FDIC Insurance coverage is determined by the ownership categories of each deposit account. FDIC insurance is not limited to $250,000 per depositor per bank. Rather, depositors can select one or more ownership categories for their deposits to be eligible for FDIC insurance in excess of $250,000. Categories include individual, joint, payable on death, and Trusts, to name a few. We encourage all depositors to use the FDIC’s online Electronic Deposit Insurance Estimator, an online FDIC Insurance tool, to calculate coverage based on your personal situation.FDIC Deposit insurance Coverage by Account Ownership Category
| Account Ownership Category | FDIC Insurance Coverage Limits |
| Single Accounts (Owned by One Person) | $250,000 per owner |
| Joint Accounts (Owned by Two or More Persons) | $250,000 per co-owner |
| Certain Retirement Accounts (Includes IRAs) | $250,000 per co-owner |
| Revocable Trust Accounts | $250,000 per owner per unique beneficiary |
| Corporation, Partnership and Unincorporated Association Accounts | $250,000 per corporation, partnership or unincorporated association |
| Irrevocable Trust Accounts | $250,000 for the non-contingent interest of each unique beneficiary |
| Employee Benefit Plan Accounts | $250,000 for the non-contingent interest of each plan participant |
| Government Accounts | $250,000 per official custodian (more coverage available subject to specific conditions) |
2. INSURED CASH SWEEP®
Looking for another way to ensure your deposits are fully FDIC insured? When adding the Insured Cash Sweep (ICS)* option to your Physician Bank Jumbo Deposit Savings Account, your money is eligible for up to $7 million FDIC insurance through the ICS Network of participating financial institutions without having to establish an account at any other financial institution. Another solid reason to Bank with Physician Bank. *Insured Cash sweep is offered in partnership with Heritage Bank and IntraFi (Promontory Interfinancial).THE INSURED CASH SWEEP® PROCESS
Here’s what happens when you use Physician Bank’s Insured Cash Sweep (ICS):- A (ICS) Deposit Placement Agreement and a Custodial Agreement are signed between you and Heritage Bank, of which Physician Bank is a division of.
- A Jumbo Deposit Account is created for you to manage your ICS funds.
- According to the Deposit Placement Agreement, your funds are placed into FDIC-insured deposit accounts with other members of the ICS Network.
- Using the Physician Bank online banking system, you can monitor your funds anytime, anywhere.
- The ICS network provides you with consolidated interest payments and a single monthly statement.
The 100% financing option while we started our first post-residency job, their rapid and efficient response rate to our questions and our numerous changes in schedule that occurred with our builder, and the absence of PMI were all extremely helpful.
Dr. David Ogden, UT