OUR BANK IS INSURED BY THE FDIC. WHAT DOES THAT MEAN TO YOU, OUR CUSTOMER?
It’s prudent and reasonable to have questions about the safety of your funds. As a member of the FDIC, Bank of Cashton provides insurance through FDIC programs that benefit you.
We want to assist you with information about the way FDIC deposit insurance works. The FDIC is an independent federal agency that was created in 1933 to protect bank depositors whose banks had failed and now also helps maintain sound conditions in the U.S. banking system. The FDIC is backed by the full faith and credit of the United States government.
Deposits are insured at Bank of Cashton
Your deposits are insured at Bank of Cashton, a member of the Federal Deposit Insurance Corporation (FDIC) (www.fdic.gov). The FDIC insures deposits in all member banks in the United States.
FDIC insurance covers all types of deposits, including:
- Checking accounts
- Savings accounts
- Money Market deposit accounts
- Time deposits such as certificates of deposit (CDs)
- Deposit products held in IRAs and other retirement accounts
Is all the money in my accounts insured?
In May 2009, the FDIC extended its $250,000 basic insurance coverage per depositor per bank through December 31, 2013. Effective July 22, 2010, the increased FDIC limit of $250,000 per depositor per bank is permanent.
If you have more than $250,000 in your accounts
You may be able to deposit more than $250,000 at Bank of Cashton and still be fully insured by the FDIC. Deposits in different categories of ownership at one bank can be separately insured. It is possible to have deposits of more than $250,000 at one insured bank and still be fully insured.
Some retirement accounts such as IRAs are insured up to $250,000 per depositor, per insured bank. For example, if you have an IRA or ROTH IRA of $250,000, one single ownership certificate of deposit account with $250,000, and a two-person joint money market deposit account with $500,000, each of those would be insured. You could have up to $750,000 in interest-bearing deposits covered by FDIC insurance at Bank of Cashton.
Ownership of an account has legal consequences and you may wish to consult with your attorney, tax advisor or the FDIC to determine whether you should change the ownership of an account.
The FDIC has several ways to help depositors understand their insurance coverage
For more information on FDIC Insurance protection of your deposits, visit the FDIC Web site at myfdicinsurance.gov. From here you will be able to use EDIE (Electronic Deposit Insurance Estimator) which can calculate your FDIC insurance coverage for each FDIC-insured bank where you have deposit accounts. EDIE lets you know in a printable report for each bank whether your deposits are within or exceed FDIC insurance coverage limits. Go to http://www.fdic.gov/edie to give EDIE a try.