FDIC

FDIC insurance continues automatically at BMO Harris Bank N.A.

General

Your deposits are insured by the FDIC to the maximum amount allowed by law: currently up to $250,000 per depositor, per insured bank, for each account ownership category. In addition, all funds in a “noninterest-bearing transaction account” are insured in full by the FDIC through December 31, 2012. The term "noninterest-bearing transaction account" includes a traditional checking account or demand deposit account on which no interest is paid. It also includes Interest on Lawyers Trust Accounts ("IOLTAs"). It does not include other accounts, such as traditional checking or demand deposit accounts that may earn interest, NOW accounts, and money-market deposit accounts. This temporary unlimited coverage is in addition to, and separate from, the coverage of at least $250,000 available to depositors under the FDIC’s general deposit insurance rules.

New Accounts Opened After the Merger

When you open deposit accounts at any branch or facility of BMO Harris Bank N.A., including those offices with an M&I, Harris or BMO Harris name, brand or logo, they are held at the same FDIC-insured institution and will be combined (aggregated) with any deposit accounts that you had at Harris N.A. prior to the merger, based on account ownership category, and will be insured to the maximum amount allowed by law.

Grace Period for Accounts Opened Before the Merger

Please note, however, that when two or more insured banks merge, the deposits from the assumed banks are separately insured from any other deposits a depositor may already have at the assuming bank for at least six months after the merger date.
The information below is most relevant to customers who, prior to the merger, held deposits at one or more of the banks that merged into Harris N.A. (that is, M&I Marshall & Ilsley Bank, M&I Bank FSB, and The Harris Bank N.A.), especially if the total amount of the deposits exceeded $250,000 at the time of the merger.

If, at the time of the merger, I held deposits at more than one of the banks that merged into Harris N.A., how will my FDIC insurance coverage be calculated?

If, prior to the closing of the merger transaction, you held deposits at one or more of the banks that merged into Harris N.A. (that is, M&I Marshall & Ilsley Bank, M&I Bank FSB, and The Harris Bank N.A.) the total deposits that were held at each of those banks will be separately insured by the FDIC in accordance with the FDIC rules for a period of six months after the date of the merger. In addition, if the deposits were certificates of deposit (CDs) the separate insurance will continue until the next maturity date or six months after the merger, whichever is later. CDs that mature during the six-month grace period and that are renewed may be afforded separate insurance coverage that extends beyond the six-month grace period, provided certain conditions are met.

After the applicable post-merger grace period for separate insurance coverage expires, all of your deposits that were held at the merged banks will be combined (aggregated) with all of your other deposit accounts at BMO Harris Bank N.A. based on legal ownership category for FDIC insurance coverage calculation purposes.

Additional FDIC insurance coverage may be obtained by depositing funds under multiple ownership categories. Please meet with your banker to discuss your options.

The FDIC also has helpful tools to assist you in determining your FDIC insurance coverage. Visit fdic.gov/deposit or call 1-877-ASK FDIC (1-877-275-3342) or 1-800-925-4618 (for the hearing-impaired).