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Apr 20, 2023
The Federal Deposit Insurance Corporation (FDIC) was created in 1933, during the Great Depression, as a way to guarantee Americans’ bank deposits stay in their control should a bank fail. Coverage was just $2,500, to begin with, and has since increased to $250,000 per depositor. According to the FDIC, no depositor has lost a penny of insured funds since the organization’s founding.
At The Bank of Elk River, your deposits are FDIC-insured up to the maximum allowed – but what does that really mean? Continue reading to find out.
How does coverage work?
FDIC insures deposit accounts such as checking accounts, savings accounts, certificates of deposit (CD), money market accounts, and individual retirement accounts (IRAs). Coverage is up to $250,000 per depositor, per qualifying account ownership category. For example, if you have a joint account with your spouse, you are covered up to $500,000. To calculate your current coverage amount, you can use a tool from the FDIC called EDIE the Estimator.
Coverage does not include investment products like stocks, bonds, mutual funds, annuities, or life insurance policies.
What if you have more than $250,000?
There are a number of ways to maximize your FDIC coverage with The Bank of Elk River. You can open up separate deposit accounts, add a joint account owner to an account, open a custodial account for your child, or add beneficiaries to payable-on-death accounts.
Additionally, we offer an amazing product via IntraFi called CDARS and ICS that allows you to access multi-million-dollar FDIC insurance through a single financial relationship. You work directly with The Bank of Elk River and we deposit your funds into demand deposit accounts, money market deposit accounts, or CDs across IntraFi network banks under the $250,000 threshold. You get to enjoy the simplicity of banking with just us while still being fully FDIC-insured.
Bottomline: your money is safe with us.
Between FDIC coverage and The Bank of Elk River’s sound banking practices, you can be confident that your hard-earned money is protected up to the maximum allowed by law. Rest easy – you are in good hands with us.
At The Bank of Elk River, your deposits are FDIC-insured up to the maximum allowed – but what does that really mean? Continue reading to find out.
How does coverage work?
FDIC insures deposit accounts such as checking accounts, savings accounts, certificates of deposit (CD), money market accounts, and individual retirement accounts (IRAs). Coverage is up to $250,000 per depositor, per qualifying account ownership category. For example, if you have a joint account with your spouse, you are covered up to $500,000. To calculate your current coverage amount, you can use a tool from the FDIC called EDIE the Estimator.
Coverage does not include investment products like stocks, bonds, mutual funds, annuities, or life insurance policies.
What if you have more than $250,000?
There are a number of ways to maximize your FDIC coverage with The Bank of Elk River. You can open up separate deposit accounts, add a joint account owner to an account, open a custodial account for your child, or add beneficiaries to payable-on-death accounts.
Additionally, we offer an amazing product via IntraFi called CDARS and ICS that allows you to access multi-million-dollar FDIC insurance through a single financial relationship. You work directly with The Bank of Elk River and we deposit your funds into demand deposit accounts, money market deposit accounts, or CDs across IntraFi network banks under the $250,000 threshold. You get to enjoy the simplicity of banking with just us while still being fully FDIC-insured.
Bottomline: your money is safe with us.
Between FDIC coverage and The Bank of Elk River’s sound banking practices, you can be confident that your hard-earned money is protected up to the maximum allowed by law. Rest easy – you are in good hands with us.
