BTC BANK: Insured Deposits Are Safe at a Community Bank

BTC Bank wants to remind customers that their insured deposits are safe and backed by the full faith and credit of the federal government through the Federal Deposit Insurance Corp. (FDIC).

“Community banks are stable and well-capitalized,” said Doug Fish, BTC Bank President and CEO. “BTC Bank customers can continue to bank with confidence knowing their money is safe because it is insured by the FDIC. Since the FDIC was founded in 1933, no one has ever lost a penny of FDIC-insured funds.”

 “The FDIC fully insures funds held in FDIC-insured community banks up to $250,000 per depositor,” said Mikala Smith, BTC Bank Retail Banking Officer. “Our community bank is FDIC-insured, so we want our customers to know the facts and feel good about their decision to bank with us. We are here to answer any questions that our customers have and encourage them to reach out anytime.” 

The FDIC insures deposits and protects depositors' funds in banks and savings associations. FDIC deposit insurance covers each depositor, dollar-for-dollar, up to the insurance limit, including principal and any accrued interest.  

According to the FDIC, insurance covers all types of deposits received by a financial institution in its usual course of business, including savings and checking accounts, NOW accounts, money market deposit accounts, Christmas club accounts, and time deposits like certificates of deposit. Cashiers' checks, officers' checks, expense checks, loan disbursement checks, interest checks, outstanding drafts, negotiable instruments and money orders drawn on the institution are also protected by the FDIC.

“If you are having difficulties managing your finances, talk with your local BTC banker,” said Fish. “BTC Bank has been around for generations and have weathered many storms. We are here to serve our customers and communities for the long haul.”

The FDIC's Electronic Deposit Insurance Estimator is an interactive application that can help you learn about deposit insurance and calculate the insurance coverage of your accounts. For more information about insured deposits, visit btcbank.bank or call your local BTC Bank.