FDIC Deposit Insurance

Your FDIC insured deposits are safe and backed by the full faith and credit of the federal government.  During difficult economic times, some people may be concerned about the safety of the money they have in their checking, savings and retirement accounts.  They shouldn't be.  Our customers can bank with confidence knowing their money is safe because it is insured by the Federal Deposit Insurance Corporation (FDIC).  Since the FDIC was founded in 1933, no one has ever lost a penny of FDIC-insured funds.

On July 21, 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which, in part, permanently raises the current standard maximum deposit insurance amount to $250,000.  The FDIC insurance coverage limit applies per depositor, per insured depository institution for each account ownership category.

Here are resources to help you answer questions about the current health of banks and the federal deposit insurance system:

Deposit Insurance: Are My Deposits Insured? www.fdic.gov/deposit/deposits

FDIC Electronic Deposit Insurance Estimator (EDIE) www.fdic.gov/edie/index.html

To learn more about the FDIC insurance coverage rules, visit the FDIC website at www.fdic.gov.

If two federally insured banks merge, causing your deposits to exceed the $250,000 limit at the combined institution, under the FDIC's rules you are in no immediate risk of having funds over the insurance limit.  In general, the deposit accounts you had at the acquired institution will continue to be separately insured for six months following the merger and longer in the case of some time deposits (CDs).  The six-month grace period allows you time to restructure your accounts so you can maximize your coverage at the new institution.