Take comfort in knowing that we are a member of the Federal Deposit Insurance Corporation (FDIC). What does that mean for you? Keep reading to learn how FDIC coverage provides coverage for your accounts.
The FDIC (Federal Deposit Insurance Corporation) is an independent agency of the United States government that protects you against the loss of your insured deposits if a member institution fails.
FDIC insurance is backed by the full faith and credit of the United States government.
Various types of deposits held at member institutions are covered by FDIC insurance including:
- Checking Accounts
- Savings Accounts including Money Market Accounts (MMA)
- Time Accounts such as Certificate of Deposits (CDs)
- Deposit products (such as CDs and Savings Accounts) held in IRAs and other retirement accounts.
The standard maximum deposit insurance amount is $250,000 per depositor, per insured bank for each account ownership category.
You can use the FDIC online calculator (https://edie.fdic.gov/index.html) to determine the insurance rules and limits applied to your specific group of deposit accounts per member bank.
You do not have to fill out anything to receive FDIC insurance from a member bank. This insurance is automatically granted.
While Veritex Community Bank is a member of the FDIC, not all financial institutions are insured by the FDIC. Always look for the FDIC logo at a financial institution and their product info.
More details about FDIC insurance can be found at https://www.fdic.gov/
These services are designed to help you manage liquidity, increase investments, and generate income for your bank. Our experienced team of correspondent bankers are ready and willing to help you in any way possible. We look forward to working with you and helping you reach your bank’s goals.