What Does FDIC Really Mean? The More You Know, The Safer Your Money.

Have you ever seen the abbreviations FDIC at your bank or on your bank's website or all over your bank's social media? Have you ever wondered what that term means? If so, this is the blog for you! FDIC is more important than you may realize and our Lake of the Ozarks bank is here to explain how the Federal Deposit Insurance Corporation (FDIC) protects your money in this week's blog. To bank with a bank at the Lake of the Ozarks that values protecting their customer's money and does what it takes to do so, call First Bank of the Lake today at (573) 348-2265. Visit our website at www.FirstBankLake.com to learn about the rest of the services we provide. You can also follow us on all of our social media channels to stay up to date on our latest announcements. They are listed at the end of this blog.

What Does FDIC Really Mean? The More You Know, The Safer Your Money.

Deposit Insurance Coverage
The more you know, the safer your money.

The FDIC – short for the Federal Deposit Insurance Corporation – is an independent agency of the United States government. FDIC coverage protects you against the loss of your deposits if an FDIC-insured bank or savings association fails. FDIC insurance is backed by the full faith and credit of the United States government.

All FDIC-insured banks must meet high standards for financial strength and stability. The FDIC, with other federal and state regulatory agencies, regularly reviews the operations of insured banks to ensure these standards are met.

The FDIC insures all deposits, including checking, NOW and savings accounts, money market deposit accounts, and certificates of deposit (CDs), up to the insurance limit.

On July 21, 2010, the deposit insurance coverage for all deposit accounts was permanently raised to $250,000 per depositor, per insured depository institution for each account ownership category. Insurance coverage for certain retirement accounts, which include all IRA deposit accounts, was increased permanently to $250,000 per depositor in 2006.

The FDIC does not insure the money you invest in stocks, mutual funds, life insurance policies, annuities, or municipal securities, even if you purchased these products from an insured bank. The basic insurance amount is $250,000 per depositor per insured bank.

All of us here at First Bank of the Lake hope you found this blog enlightening. If you have any questions about FDIC, please call our bank in Osage Beach today at (573) 348-2265. Here at First Bank of the Lake, we are here for you and we don't try to sell you a product you don't need. We listen to your needs and give you expert advice on what banking products can help you!

Want More Awesome Finance Tips? Sign Up For Our Newsletter!

First Bank of the Lake - Striving For Excellence

Member FDIC. Equal Housing Lender.

Like Us On Facebook

Follow Us On Twitter

Connect With Us On LinkedIn

Follow Us On Google My Business

Located at the entrance to the Osage Beach Premium Outlets!

4558 Osage Beach Parkway

Suite 100

Osage Beach, MO 65065

(573) 348-2265