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.

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)
Note: All information in this section are taken directly from the FDIC


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).


Here’s what happens when you use Physician Bank’s Insured Cash Sweep (ICS):
  1. A (ICS) Deposit Placement Agreement and a Custodial Agreement are signed between you and Heritage Bank, of which Physician Bank is a division of.
  2. A Jumbo Deposit Account is created for you to manage your ICS funds.
  3. According to the Deposit Placement Agreement, your funds are placed into FDIC-insured deposit accounts with other members of the ICS Network.
  4. Using the Physician Bank online banking system, you can monitor your funds anytime, anywhere.
  5. The ICS network provides you with consolidated interest payments and a single monthly statement.
Insured Cash Sweep

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