Posts Tagged ‘ TAG ’

FDIC Insurance Coverage

Do you feel your money is safe and protected when you walk through the doors of your bank, much safer than if you kept it under your mattress?  You should, especially if you are a customer of Citizens Bank Minnesota.  By being FDIC insured, Citizens Bank Minnesota is committed to keeping its customers money safe and protected. 

What does being FDIC insured mean?

The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your deposits if a FDIC insured bank or savings association fails. The FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s.  FDIC insurance is backed by the full faith and credit of the United States government. 

FDIC insurance covers all deposit accounts at insured banks and savings associations, including checking, NOW, savings, money market deposit accounts and certificates of deposit (CDs) up to the insurance limit.  The FDIC does not insure non-deposit products such as securities, bonds, safe deposit box contents, mutual funds or other similar types of investments that banks may offer.  The standard insurance limit is generally $250,000 per depositor, per insured bank, for each account ownership category.  The FDIC’s online Electronic Deposit Insurance Estimator (EDIE) located at:  www.fdic.gov/edie can help you determine if you have adequate deposit insurance for your accounts. 

Citizens Bank Minnesota is also participating in the FDIC’s Transaction Account Guarantee (TAG) Program.  Under that program, through December 31, 2010, all noninterest-bearing transaction accounts are fully guaranteed by the FDIC for the entire amount in the account.  Also included in this coverage are NOW accounts with interest rates no higher than .25% and Interest on Lawyers Trust Accounts (IOLTA).  This coverage is in addition to and separate from the standard FDIC insurance coverage. 

No worries when you bank with Citizens Bank Minnesota, we have you covered!

By: Stacy Merkel, Auditor

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