Return to flip book view

Message eyABKnowledgempowersEYouF E D E R A L D E P O S I T I N S U R A N C E H I S T O R YCorporation (FDIC) was established in 1933 in response to the thousands of bank failures that occurred in the 1920sand early 1930s. Its primary mission is to maintain stability and public confidence in the nation's financial system byinsuring deposits, examining and supervising financial institutions for safety, soundness, and consumer protection,and managing receiverships. The FDIC insurance covers all types of deposits received at an insured bank, includingsavings accounts, checking accounts, money market deposit accounts, and certificates of deposit.H ow t o e n s u r e F D I C p r o t e c t i o n w i t h o u r c u s t o m e r sIt is critical to maintain customer trust and confidence in our financial services. Here are several steps youcan take to ensure FDIC protection for your customers:Understand Coverage Limits: Educate your customers about the FDIC insurance limits, which typicallycover up to $250,000 per depositor, per insured bank, for each account ownership category. Ensure thatyour customers are aware of these limits and understand how their deposits are protected1.Assist with Account Structuring: Help your customers structure their accounts to maximize FDICinsurance coverage. This might include suggesting different ownership categories (such as singleaccounts, joint accounts, and certain retirement accounts) to increase the amount of insurance coveragethey receive.2.Keep Customers Informed: Regularly communicate with your customers about the FDIC insurance ontheir accounts. Provide them with clear and accurate information regarding how their funds are protectedand what steps they can take to ensure their deposits remain fully insured.3.Stay Updated on Regulatory Changes: FDIC regulations and coverage limits can change. Stayinformed about any updates or changes to FDIC insurance rules, and promptly inform your customers ofany significant changes that may affect their coverage.4.Provide Transparent Documentation: Ensure that all account statements and documents clearlyindicate that the deposits are held in FDIC-insured accounts. This transparency helps build trust andreassures customers about the safety of their funds.5.Offer Additional Resources: Provide your customers with educational tools like the EDIE calculatorfound on the FDIC website. Resource below.6.By taking these proactive steps, you can help your customers feel secure about their deposits and confidentin your financial institution. Ensuring FDIC protection is not only a regulatory requirement but also a vitalcomponent of building lasting relationships with your customers.A l l ia n ce B a nk u s es t h e E D I E C a lc u l at o r , l o ca t e d o n t he r e t a i l p a g e o n A B c o n n e c t, t h at u t il i z e st h e FD I C w e b s it e t o he l p wi t h q u o t in g F DI C i n s u r an c e . Y o u m a y a l so v i si t t he f o l l o w in g w eb s i tet o ca l cu l a te o u r em p l oy e e s c ov e r ag e : h t tp s : // e di e . fd i c .g o v/ c a lc u l a t o r. h t mlR E S O U R C E S