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You
may have heard on the news recently that
the Fedral Deposit Insurance Corporation
- better known as the FDIC - is talking
about doubling the maximum insurance coverage
on Federally-insured bank deposits from
$100,000 per depositor to $200,000. Here
at Fidelity Bank, we don't think Congress
is ready to make such a change. But, because
we know that many of our depositors depend
on deposits at Fidelity Bank are covered
100% without limit. The FDIC covers up
to $100,000 per depositor and amounts
above $100,000 are covered by Share Insurance
Fund (SIF). ( The very strong, very stable
Share Insurance Fund covers co-operative
banks here in Massachusetts.) Though it's
standard at Fidelity Bank, 100% unlimited
coverage is actually the exception, not
the rule. In fact, because they are not
state-chartered, many well-known banks
and credit unions only cover deposits
up to $100,000 per depositor. If you want
to know about the limits to deposit insurance
at any other financial institution, a
quick call to their nearest office is
all it should take to get the facts
Complete details about FDIC and SIF insurance
coverage can be found at www.fdic.gov
and www.coopcentralbank.com
Edward
F. Manzi, Jr.
President
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