September 25, 2009
Umpqua continues full FDIC insurance coverage for "non-interest bearing" accounts through June 2010
Umpqua Bank has extended its participation in the FDIC's Transaction Account Guarantee Program through June 30, 2010. Under that program, all non-interest bearing checking accounts and certain interest bearing checking accounts are fully guaranteed by the FDIC for the entire amount in the account. This coverage is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Questions? Drop us an email.
July 9, 2009
Umpqua Bank and California Registered Warrants FAQs
Due to the State of California’s revenue shortfall, California may be issuing Registered Warrants (IOU’s) in lieu of checks. To help you understand what this means—and how Umpqua Bank can help—please read through these FAQs. If you have any questions, please give us a call at 1-866-4UMPQUA (1-866-486-7782).
If the State of California issues Registered Warrants in lieu of checks, will Umpqua accept them?
Currently, Umpqua personal and business customers who are in good standing at the time of the deposit of the Registered Warrant will have the Warrant funds deposited into their account.
What should I do if I receive a Registered Warrant?
If the Registered Warrant is in your name and you are an Umpqua Bank customer, we are currently honoring these items as a deposit at any of our California, Oregon or Washington stores.
If I don’t have an Umpqua Bank account, can I open one using a Registered Warrant?
Absolutely. It may be necessary for us to temporarily place an uncollected funds hold on the deposit before you can make a withdrawal on the account.
Will Umpqua charge a fee for accepting Registered Warrants?
If you’re an Umpqua bank customer who has an active checking account in good standing, there is no fee.
Can I deposit a Registered Warrant at an Umpqua Bank ATM or via remote deposit?
Yes, you currently can deposit Registered Warrants through all available deposit methods.
Can I cash the Registered Warrants at an Umpqua store?
On a case-by-case basis, we may allow customers with accounts in good standing to cash a Registered Warrant.
We have not set a pre-determined date after which Registered Warrants would not be accepted. A number of factors—including the outlook for a budgetary solution and the number and dollar amount of warrants we’ve already accepted—will dictate how long Umpqua Bank will continue to accept the warrants. We will provide as much notice as possible to our customers in the event that we can no longer accept the California Registered Warrants.
June 18, 2009
New Deposit Insurance Limits
The standard insurance amount of $250,000 per depositor is in effect through December 31, 2013. On January 1, 2014, the standard insurance amount will return to $100,000 per depositor for all account categories except IRAs and other certain retirement accounts, which will remain at $250,000 per depositor.
For more information visit: http://www.fdic.gov/deposit/deposits/DIfactsheet.html.
December 19, 2008
Umpqua offers full FDIC insurance coverage for "non-interest bearing" accounts
Umpqua Bank is participating in the FDIC's Transaction Account Guarantee Program. Under that program, through December 31, 2009, all non-interest bearing checking accounts and certain interest bearing checking accounts are fully guaranteed by the FDIC for the entire amount in the account. This coverage is in addition to and separate from the coverage available under the FDIC's general deposit insurance rules.
Questions? Drop us an email
October 24, 2008
U.S. Department of Treasury to invest $214 million in Umpqua through the Capital Purchase Program.
On October 24, Umpqua received preliminary approval for an investment of $214 million from the U.S. Department of the Treasury to participate in its Capital Purchase Program, the proceeds of which will further bolster Umpqua’s already strong capital position and support the communities we serve.
What does the investment really mean?
The Treasury is providing capital to the nation’s strongest, healthiest banks – including Umpqua – to increase liquidity and the flow of financing to businesses and consumers. With the investment, the Treasury and FDIC see Umpqua as a bank that will not only survive through the down cycle, but thrive as we exit it.
Learn more: Watch a news story that simply explains Umpqua and the Capital Purchase Program. Watch an interview with Umpqua CEO Ray Davis. Read our press release for additional details.
October 20, 2008
FDIC announces unlimited insurance on non-interest bearing accounts.
On October 14, 2008, the FDIC announced that it would provide immediate full insurance coverage for non-interest bearing deposit transaction accounts, regardless of the dollar amount of the account balance. The additional insurance coverage is intended to supplement the current $250,000 coverage limit per depositor. It applies to both consumer and business accounts with balances that exceed $250,000. If you currently have more than $250,000 on deposit with us here at Umpqua Bank, the additional insurance coverage will apply to all funds in excess of $250,000 that you have on deposit in non-interest bearing accounts. Available through December 31, 2009.
October 3, 2008
FDIC insurance temporarily increased from $100,000 to $250,000.
Both the Senate and The House of Representatives have passed the Economic Stabilization Act of 2008 and it has been signed into law by the President. Among the key provisions of this legislation is the temporary increase of the FDIC insurance coverage from $100,000 to $250,000 effective today (October 3, 2008) and ending on December 31, 2009. All other FDIC Insurance provisions remain the same.
For more information go to: http://www.fdic.gov/news/news/financial/2008/fil08102b.html
September 30, 2008
FDIC expands coverage for your deposits
The FDIC Board of Directors recently adopted changes that may benefit you, especially if you have large deposits.
Effective immediately, FDIC coverage will expand to allow you to name non family members on Payable on Death (POD) or In Trust For (ITF) accounts.
In the past, you were required to list a close family member (spouse or child) as Payable on Death (POD) to gain additional coverage of $100k per name. That is no longer the case. You can now name any individual (they can even be a non family member), a charity or a non-profit.
For example, Jane Doe has 15 nieces and nephews, and she listed all 15 as the beneficiaries of her money market account. Her total coverage available would be $1.5MM (15 x $100,000).
Like Jane, you can add additional family members as payable on death (POD) or in trust for (ITF) onto your existing accounts, and the FDIC coverage will cover each one up to $100k.
For additional information, visit the FDIC website about the extended coverage.
