Your money is safe with us
We understand the banking news of the past few days, with the failure of Silicon Valley Bank (SVB) can be unsettling. It’s understandable that you want do everything you can to make sure your money is safe.
Our deposit accounts are FDIC insured
That means the money you have in a checking, savings, money market and/or CD is covered by this insurance up to $250,000. Rest assured, since the start of the FDIC in 1933, no depositor has lost a penny of their insured deposits.
In addition to the standard insurance amount of $250,000 per depositor, per insured bank, for each account ownership category, there are ways we can help customers understand their options and account ownership categories to enhance their deposit insurance coverage at one FDIC insured bank. Plus, federal law provides separate insurance coverage up to $250,000 for the combined balances of certain retirement accounts, such as IRAs and SEPs.
We also offer special programs to manage a customer’s funds above the FDIC limits using multiple insured institutions. If you have questions about these programs, please call us at 800.339.6573 and we can talk you through those options.
A good reference about FDIC coverage is the FDIC brochure “Your Insured Deposits” which is available in all of our branches or online. If you have deposits over $250,000 you can calculate your insurance coverage using the FDIC online “Electronic Deposit Insurance Estimator” (EDIE).