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Is My Money Safe in the Bank During the Coronavirus Outbreak or Other Unexpected Situations?

Friday, April 3, 2020Written by: Jessica Slaughter

Is My Money Safe In The Bank During The Coronavirus Outbreak Or Other Unexpected Situations?

With the stock market seesawing up and down and many things up in the air, welcome to some good news! An FDIC-insured bank, such as Century Next Bank, is the safest place to keep your money. Your money is automatically covered from the time a deposit account is opened at an insured bank. No separate application needed.

What Do Deposit Accounts Include?

The four types of deposit accounts include:

·         Checking accounts

·         Savings accounts

·         Money market deposit accounts

·         Certificates of Deposit.

How Much Deposit Insurance Coverage Is Available?

The standard deposit insurance amount is $250,000 per depositor, per insured bank, for each account ownership category such as single, joint, revocable and irrevocable trust accounts. 

Can I Check To See If My Accounts Are Fully Covered?

Absolutely! The FDIC offers its easy-to-use tool, the Electronic Deposit Insurance Estimator (EDIE) at https://edie.fdic.gov/. Simply complete three steps and receive a printable report.

Also, if you have further questions about FDIC coverage related to specific deposit accounts, take a look at the FDIC’s Deposit Insurance FAQ at https://edie.fdic.gov/fdic_info.html

Some Final Thoughts

Century Next Bank encourages you to continue to conduct transactions as normal.  Keep in mind, the safest place for your money is inside an FDIC-insured bank. Since 1933, no depositor has ever lost a penny of FDIC-insured funds.

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Article by: Jessica Slaughter

Jessica Slaughter Image
Tags: Education