Safest Place for Your Money? The Bank
October 06, 2008
Independent Bank Highlights the Stability of their Institution and the Banking Industry
FDIC-insured Independent Bank is reassuring their customers that while financial woes plague Wall Street, the safest place for your money is still in the bank.
“Independent Bank is well prepared to ride out the economic storm,” explained Michael M. Magee, Jr. “And our customers should know that their deposits are safe. No customer has ever lost a penny of federally insured deposits.”
To help customers understand the strength of the banking industry, Independent Bank highlighted the following facts:- Banks are equipped to handle economic shifts. Banks have significant capital, or a rainy-day fund, on reserve for tough economic times. This is a bank’s first line of defense to cover any losses.
- No customer has ever lost a penny in insured deposits. The FDIC protects consumers from losing their money if their FDIC-insured bank fails. Even better, the agency has temporarily raised its coverage amount from $100,000 to $250,000 through Dec. 31, 2009. There are legal and safe ways to get even more FDIC coverage depending on how you set up your accounts. Ask Independent Bank how.
- The majority of banks are healthy. Most banks have been around for decades and are likely to be around for many more. In the unlikely event that a bank would fail, customers would continue to have uninterrupted access to their money.
For more information on the safety and soundness of the industry or Independent Bank stop by our local branch or call 888.300.3193.
