Washington, D.C. (March 20, 2020)—The Independent Community Bankers of America® (ICBA) today reminded consumers and community banking customers that their insured deposits are safe and backed by the full faith and credit of the federal government through the Federal Deposit Insurance Corp. (FDIC). The FDIC fully insures funds held in FDIC-insured community banks up to $250,000 per depositor and $250,000 per owner for certain retirement accounts.
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Insured Deposits Are Protected By The FDIC
“Community banks are stable and well-capitalized,” said ICBA President and CEO Rebeca Romero Rainey. “Community banking customers can continue to bank with confidence knowing their money is safe because it is insured by the FDIC. Since the FDIC was founded in 1933, no one has ever lost a penny of FDIC-insured funds.”
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The FDIC insures deposits and protects depositors' funds in banks and savings associations. FDIC deposit insurance covers each depositor, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest. Customers should look for an official FDIC sign at each teller window or teller station in their local community bank to know their institution is covered by FDIC insurance.
According to the FDIC, insurance covers all types of deposits received by a financial institution in its usual course of business, including savings and checking accounts, NOW accounts, money market deposit accounts, Christmas club accounts, and time deposits like certificates of deposit. Cashiers' checks, officers' checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on the institution are also protected by the FDIC.
“If you are having difficulties managing your finances, talk with your local community banker,” said Romero Rainey. “Community banks have been around for generations and have weathered many storms. We are here to serve our customers and communities for the long haul.”
The FDIC's Electronic Deposit Insurance Estimator is an interactive application that can help you learn about deposit insurance and calculate the insurance coverage of your accounts. For more information on community banks, visit www.icba.org.
The Independent Community Bankers of America® creates and promotes an environment where community banks flourish.