The Federal Deposit Insurance Corporation (FDIC) preserves and promotes public confidence in the U.S. financial system by insuring deposits in banks and thrift institutions for at least $250,000 and by identifying, monitoring and addressing risks to the deposit insurance funds.
An independent agency of the federal government, the FDIC was created in 1933 in response to the thousands of bank failures that occurred in the 1920s and early 1930s. Since the start of FDIC insurance on January 1, 1934, no depositor has lost a single cent of insured funds as a result of a failure.
The FDIC directly examines and supervises about 5,160 banks and savings banks for operational safety and soundness, more than half of the institutions in the banking system. The FDIC also examines banks for compliance with consumer protection laws, including the Fair Credit Billing Act, the Fair Credit Reporting Act, the Truth-In-Lending Act, and the Fair Debt Collection Practices Act, to name a few. Finally, the FDIC examines banks for compliance with the Community Reinvestment Act (CRA) which requires banks to help meet the credit needs of the communities they were chartered to serve.
• Q: What is the FDIC?
• A: The Federal Deposit Insurance Corporation (FDIC) is an independent agency of the US government that protects against the loss of insured deposits if an FDIC-insured bank or savings institution fails. FDIC deposit insurance is backed by the full faith and credit of the United States government. Since the FDIC was established in 1934, no depositor has ever lost a single penny of FDIC-insured funds.
• Q: Is The Coastal Bank an FDIC-insured bank?
• A: Yes. The Coastal Bank is an FDIC-insured bank. You will find official FDIC insurance signage at each teller window in every branch of The Coastal Bank.
• Q: What are the FDIC insurance coverage limits?
• A: FDIC deposit insurance covers the balance of each depositor’s account, dollar for dollar, up to the insurance limit, including principal and accrued interest. The basic insurance limit is $250,000 per depositor, per account ownership category, per bank. Deposits maintained in different categories of legal ownership at the same bank are separately insured. Therefore, it is possible to have well over $250,000 at one insured bank and still be fully insured. The FDIC provides an Electronic Deposit Insurance Estimator (EDIE) tool to help depositors calculate their coverage. Visit www.fdic.gov/edie to use this tool, or contact us for assistance in calculating your coverage.
• Q: What are the categories of ownership?
• A: The FDIC recognizes the following ownership categories for basic coverage: single accounts, joint accounts, certain retirement accounts, revocable trust accounts, irrevocable trust accounts, employee benefit plan accounts, corporation / partnership / unincorporated association accounts, and government accounts. Visit the FDIC website at http://www.fdic.gov/deposit/deposits/insured/ownership.html to learn more about ownership categories.
• Q: How do I know if my deposits are covered?
• A: The FDIC provides an Electronic Deposit Insurance Estimator (EDIE) tool to help depositors calculate their coverage. Visit www.fdic.gov/edie to use this tool, or contact us for assistance in calculating your coverage.
CDARS is a service mark of Promontory Interfinancial Network, LLC. Funds may be submitted for placement only after a depositor enters into an agreement with us.
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