Bank on it
Several recent bank failures have made many consumers nervous about their own banks. For the vast majority of depositors, there is little to fear.
FDIC Chairman Sheila C. Bair recently issued a good reminder of our protections for cash deposited in institutions covered by the Federal Deposit Insurance Corp.
FDIC’s Depositor’s Bill of Rights
1. You have the right to automatic deposit insurance coverage when you open a deposit account at an FDIC-insured bank, with no additional cost or action on your part.
2. You have the right to separate FDIC insurance coverage for deposits held at different FDIC-insured banks.
3. You have the right to confirm that a bank is insured by using the FDIC’s Bank Find service (www2.fdic.gov/IDASP/main_bankfind.asp) or by calling the FDIC toll-free at 877-275-3342.
4. You have the right to deposit insurance coverage of $100,000 for your deposits at an FDIC-insured bank – up to $250,000 for your IRA deposits.
5. You have the right to deposit insurance coverage of more than $100,000 at a single bank when deposits are held in different “ownership categories,” such as a single, joint and trust accounts.
6. You have the right to confirm that your deposits are within the insurance limits by using the FDIC’s Electronic Deposit Insurance Estimator and other online resources at www.fdic.gov/deposit/deposits or by calling the FDIC at 877-275-3342.
7. You have the right to be informed when a financial product offered by your bank is not covered by FDIC insurance.
8. You have a right, if your bank fails, to prompt access to your insured deposits.
9. You have the right, if you are an uninsured depositor, to receive distributions from the receivership as the sale of assets permits.
10. You have the right to sleep well, knowing that since the creation of the FDIC 75 years ago, no depositor has ever lost one penny of insured deposits.
Oklahoma Banking Commissioner Mick Thompson this month issued a statement assuring state consumers that our banking system is not experiencing the ills of those in other regions.
“Oklahoma has not experienced a bank failure in 16 years and the industry in Oklahoma is well-capitalized and strong,” Thompson said.
If that doesn’t make you feel any better, here’s a list of “talking points” created by the Oklahoma Bankers Association for its members.
Finally, here’s Roger Beverage, chief executive officer of the Oklahoma Bankers Association, producing some of those talking points on camera.
sharedVideo(1674063080)
Business Writer
If you enjoyed this post, please consider to leave a comment or subscribe to the feed and get future articles delivered to your feed reader.
Comments
No comments yet.
Leave a comment