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FDIC Insurance – Communication is Key

Because of the recent Bank failures, your customers may feel skittish today. Although the news pundits all are saying deposit accounts are insured up to $250,000, we know this may not be the case.

Consider having Management craft a statement message or online banking alert assuring customers their funds are insured. You should also ensure staff direct customers to a designated person/persons in your institution who can address their questions regarding FDIC Insurance coverage.

The FDIC’s Electronic Deposit Insurance Estimator (EDIE) can help during such conversations by helping you determine the amount of FDIC Insurance coverage on depositors’ accounts. Remember, how an account is titled may affect coverage, so be sure to review the FDIC’s site for guidance. For more complex scenarios, we suggest reaching out to the FDIC for further assistance.

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