Understanding FDIC Insurance

When you visit a branch or our website, you've probably seen the signs that say each depositor insured to at least $250,000. Have you ever thought about what that sign really means? The Federal Deposit Insurance Corporation was formed to protect the money deposited into accounts at banks covered by FDIC insurance. So your money is protected a up to $250,000 per depositor, per insured bank for each account category. FDIC coverage, separates insured accounts into different categories, such as single accounts, joint accounts, certain retirement accounts and others. These categories cover checking and savings accounts, money market deposit accounts, and certificate of deposit. As an FDIC member, the coverage is automatic so you don't need to apply for FDIC insurance. However, other financial products like stocks, bonds, mutual funds, and securities are not covered even if they're invested through the bank. Stop in to talk with one of our banking professionals to explore ways to set up your accounts for maximum FDIC coverage. We're here to help keep your money secure and protected.