FDIC Update

 FDIC Update

Standard Deposit Insurance Coverage Amount of $250,000 Made Permanent

On July 21, 2010, President Barack Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act, which 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. Insured deposits provide the comfort and peace of mind to depositors that their money is 100 percent safe – provided they keep their deposit balances within the insurance limits. We strongly encourage all bank depositors who have questions about their insurance coverage to call our Customer Service Center at 1-800-320-7536 or visit the FDIC Website at www.fdic.gov to use the Electronic Deposit Insurance Estimator (EDIE).

Transaction Account Guarantee Program
Whether you are growing your family, your business or both, it’s best to secure what you already have. Salin Bank is participating in the FDIC’s Transaction Account Guarantee Program which was recently extended to December 31, 2010. Under this program, all non-interest bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account. Non-interest bearing transaction accounts, which include NOW accounts (Interest Checking), are provided the additional coverage only if the maximum interest rate is at or below .25% for the remainder of the program. Coverage under the Transaction Account Guarantee Program is in addition to and separate from the coverage available under the FDIC’s general deposit insurance rules. Deposits at FDIC-insured institutions are now insured up to at least $250,000 per depositor.  For additional information, visit the FDIC website or call our Customer Service Center at 1-800-320-7536.