Federal Deposit Insurance
Your deposit account is federally insured to at least $250,000 and backed by the full faith and credit of the U.S. government, so you never need to worry about the safety of your deposit accounts at Mid American.
Each member's funds are insured to at least $250,000, whether they are in one or multiple accounts.
In addition to the individual insurance of up to at least $250,000, any two or more persons may open joint accounts with an additional coverage of up to at least $250,000 in all joint accounts for each person.
Payable on Death (POD) & Revocable Trust Accounts
Each beneficiary on a payable on death (POD) or revocable trust account is separately insured to at least $250,000 for each owner. The person who has the power of revoking the trust is considered the owner of the trust. The beneficiary must be a natural (living) person or charitable or other nonprofit entity. Special rules apply if there are more than five beneficiaries and more than $500,000 is in the account.
Special Note about IRA Funds
In addition to the coverage listed above, your IRA funds are eligible for separate insurance up to $250,000. Roth, Traditional and SEP IRA funds are combined for total insurance on IRAs of up to $250,000.
Click here to estimate your share insurance coverage.