Whether you have extra cash stored in a wall safe, a coffee can, or in envelopes as part of a “cash stuffing” strategy – storing some or all your money where you can see, and touch it, may feel more secure. But the truth is, there is no safer place to store your money than at a bank like First County Bank.
That’s because when you store your money at home, it is at risk of theft and loss due to fire, floods, or other disasters. Even if you have homeowners’ or renters’ insurance, your coverage will likely only cover $200 – $300.
In addition to the physical security and digital tools offered to customers, deposits at banks such as First County Bank are insured by the Federal Deposit Insurance Corporation (FDIC), an independent agency of the United States government that protects depositors of insured banks located in the United States, against the loss of their deposits if an insured bank fails.
According to the FDIC the standard deposit insurance amount is $250,000 per depositor, per insured bank, for each ownership category. But what does that mean?
Customers often have deposits in what the FDIC describes as different categories of legal ownership such as individual accounts, retirement accounts, trusts, and employee benefit plans. Each category is covered separately by the FDIC, meaning a customer may qualify for more than $250,000 in insurance coverage at a single bank.
How do you know if your deposits are covered? The FDIC introduced EDIE, the Electronic Deposit Insurance Estimator (https://edie.fdic.gov/calculator.html? ), to help consumers determine how the insurance rules and limits apply to their situation.
Have more questions? We’re here to help. Visit one of our local branches or speak to a member of our team about why your money is safer at First County Bank.
To learn more, check out this video from the FDIC:
