How to maintain full FDIC insurance on your certificates of deposit after a bank merger

If your bank has experienced a merger recently, here’s some information that could help you maintain full FDIC insurance coverage on your certificates of deposit if you choose to roll over your certificates of deposit upon maturity.

According to the FDIC, when two insured depository institutions merge, their deposits continue to be separately insured for six months from the merger date.

Certificates of deposit continue to be separately insured until the earliest maturity date after the end of the six-month period.

But what happens if one or both of your Certificates of deposit mature during the six-month period?

• If you renew your certificates of deposit on any other basis, or do not renew your certificates of deposit and the funds become demand deposits, your funds will be separately FDIC insured only until the end of the six-month period.